Coca-Cola HBC AG

The surprise sovereign rating upgrade by Moody's and signs of a recovery on Wall Street boosted activity on the Greek stock market on Thursday, with buyers regaining the upper hand and trading volume posting an improvement.

Greek stocks yo-yoed between gains and losses on Wednesday, with the news on US inflation weighing not only on the ATHEX but most European bourses too. The strong finish by Coca-Cola HBC kept the benchmark afloat after a days-long decline, but trading volume was notably reduced.

The despondent atmosphere prevailing on international markets continued to affect Greek stocks and sovereign bonds on Tuesday. According to observers, the latest row with Turkey also weighed on the benchmark at Athinon Avenue.

The Athens Exchange (ATHEX) general index ended at 821.85 points, shedding 0.20 percent from Monday's 823.46 points.

Many investors cashed in the profits of nine days of stock gains on Thursday, sending the benchmark of the Greek stock market back below the 800-point level, on considerably reduced trading volume, ahead of Friday's last session of the year. Profit taking predictably focused on bank stocks.

The Greek stock market's banks index slumped to its lowest point in a year on Monday, sliding 4.19 percent on prolonged uncertainty regarding the launch of foreclosures, the handling of bad-loan portfolios and the possibility of yet another recapitalization. This, along with Coca-Cola HBC's drop, led the benchmark lower for a sixth consecutive day.

After a volatile trading session in Athens on Friday, the main index of the Greek stock market closed up slightly while the banks index ended in the red. Stocks were split between winners and losers as the market failed to sustain the growth momentum seen earlier in the week.

Wednesday's session at the Greek bourse was almost identical to Tuesday's, with moderate losses for the majority of stocks, with trading volume remaining below 40 million euros and investors playing the waiting game.

Bank stocks continued to fall on Wednesday in the wake of a European Central Bank decision that foresees eurozone lenders having to set aside funds to cover 100 percent of loans that turn nonperforming from January 2018. The news reinforced market concerns that, one way or another, local banks will need a fresh cash injection.

Bank stocks at the Athens Exchange (ATHEX) continued heading south at the end of the week, extending the weekly losses of the benchmark and taking it close to the 800-point mark, while also illustrating that the market was unimpressed by the hype over French President Emmanuel Macron's visit.

After slipping off sellers' radar in recent days, banks were back at the forefront on Wednesday as local stocks headed south in the strongest sign to date that investors are simply not convinced that the Greek economy is set to stage a full recovery.