Economy of Greece

The targeted profit-taking, the December "triple witching" and the FTSE index rebalancing led to a significant increase in turnover on Friday, which appears to be the exception in a significantly quiet month. Most stocks headed lower, with the benchmark coming off a 14-week high, though mid-caps headed higher.

Fitch Ratings revised the outlook on Greece's four systemic banks - Alpha Bank, Eurobank, National Bank and Piraeus Bank - to positive from stable on Thursday, following the investment grade it gave Greek bonds on December 1.

The participation of manufacturing in Greece's gross domestic product has returned to the levels of 2008.

According to a study by the Foundation for Economic and Industrial Research (IOBE), the participation of the gross added value of the manufacturing sector in GDP increased to 9.1% in 2022, the highest level since 2008.

The benchmark of the Greek stock market on Thursday built on the gains recorded in previous sessions to rise to another 14-week high, very close to the 1,300-point level, that it temporarily surmounted. The rotation of stocks in focus continued, as in this case it was non-banking blue chips and mid-caps that drew most of the buyers' attention.

Bank stocks gave the main index of the Greek stock market the boost it needed to rise to a new three-month high on Tuesday, on improved turnover too. The day saw the main index on a constant upswing, but it was only at the end of the session that the rising stocks outnumbered falling ones, by the smallest of margins too.

The Helleniq Energy placement dominated proceedings at the Greek stock market on Friday, accounting for over two thirds of the day's trading. However, the small rise of the main index did not suffice to avert a weekly drop, with banks continuing their decline (with five sessions of losses in the last six) following their previous rally.

While the vast majority of stocks at the Greek bourse closed with gains Thursday, the benchmark of the market remained practically unchanged and banks suffered renewed pressure, losing some of the ground recently secured. Observers note the significant expansion of investor interest in mid- and small-caps at Athinon Avenue in recent days.

The Greek economy grew by 2.1% in the third quarter of 2023 compared with the same period last year, with the country's GDP rising by 0.02% between the third and second quarter of 2023, the Hellenic Statistical Authority said on Wednesday.

Greek bonds outperformed their eurozone counterparts considerably on Monday, with the 5-year Greek note even matching Spanish paper, having received a boost from Greece's upgrade by Fitch Ratings on Friday night.

The investment community recognizes the momentum of the Greek economy, sees the Greek stock market as a stable pillar of growth and gives a vote of confidence to Greek listed companies, according to the managing director of the Athens Stock Exchange group, Yianos Kontopoulos, in an interview with Kathimerini, as he returned from London.