Titan Cement

For no obvious reason, except for the lack of buying interest, the Athens bourse started the week on particularly low turnover and losses for the majority of stocks. The market may be waiting for corporate developments before some cash flow is restored, a possibility being the upcoming Moody's rating verdict on Greece this Friday, or the European Central Bank meeting on Thursday.

Banks led the Greek stock market to a remarkable rally on Wednesday, which compounded the month's gains to see the benchmark at Athinon Avenue end July 5.26% higher than its level at end-June. The interest in the market was also highlighted by the significant increase in turnover, though rising stocks only marginally outnumbered decliners on the day.

The National Bank of Greece dividend payment aside, stocks at Athinon Avenue secured gains to offset the decline of the lender on the bourse on Monday. The benchmark closed with minimal losses, while winners and losers ended up in a dead heat. The day's trading volume gave investors a taste of what's to come next month, with turnover slumping to its lowest level in over three weeks.

The growth of most banks weighed decisively on the Greek stock market on Thursday for the final color of the benchmark, which reverted to black upon the closing after a rather narrow session, while turnover continued to decrease. Markets appear satisfied with the decline of the US inflation rate in June, which strengthens the scenario of two rate cuts by the Fed by year-end.

The relief from the French election results, which may have led to a hung parliament but have also banished the prospect of a far-right cabinet, gave stock buyers an extra push on Monday at the Greek bourse, leading the benchmark to highs unseen in four weeks upon closing, on improved turnover too.

The French election result that diminished the possibility of the far-right governing alone, boosted eurozone stocks on Monday and offered the Greek bourse some much-needed fuel for further recovery, greater than last Friday's. Banks continued to drive price growth, helping Athinon Avenue make a very positive start to the year's second half.

The Greek stock market saw its decline from Tuesday accelerate on Wednesday, with banks and several other blue chips bringing the bourse's benchmark close to the 1,400-point level. Uncertainty both domestically - as described by the Monetary Policy Report of the Bank of Greece - and abroad with the elections in France and the UK in the next few days are adding to traders' reluctance to buy.

Corporate dividends, French election concerns and the upcoming ending of the year's first half led to a variety of trends among Greek stocks on Tuesday, after the long weekend. The course of prices was more affected by every individual stock and not by a general or sector-specific trend. The session also marked the debut of Athens International Airport in the blue chip index.

Despite the disappointment from MSCI's failure to include Athinon Avenue in its "watch list" for upgrading to "developed markets," and despite the drop of the banks index, the benchmark of the Greek bourse ended Friday with small gains, adding to the weekly rise it has managed ahead of the long weekend.

Blue chips at Athinon Avenue on Wednesday maintained their rising course that had started on Tuesday, though the majority of stocks finished the day with losses, on a day of reduced turnover, partly due to the national holiday in the US (Juneteenth).