Index

The Greek stock market took last Friday's positive report by Fitch Ratings in its stride. Still, the new strain of the coronavirus has put fresh pressure on stock prices across the continent and most local blue chips took fresh losses on Monday.

Greek stocks suffered extensive losses at the end of the week, underperforming their peers across most of the continent. While the prospect of the share capital increases in banks takes its toll on the local market in general, the trend for sales was universal, affecting even the majority of small-caps.

Despite the early euphoria on most European markets after the peaceful inauguration of Joe Biden in Washington, which led Asian stocks higher too, the afternoon saw prices slide at Athinon Avenue, led by banks. Traders would have liked to hear some more concrete comments from the European Central Bank on Thursday other than Frankfurt's decision to stay put.

A mixed Wednesday on the Greek bourse saw gainers edge out the losers and provided the benchmark with just enough fuel to climb back above the 800-point level, thanks mainly to the growth of bank stocks for the second day in a row.

The impressive rebound by bank stocks led the benchmark at Athinon Avenue back up to within sniffing distance of 800 points, and the risers outnumbered the losers by almost three to one. After three days of decline, it was considered about time for this market recovery, as there is no obvious reason for stocks to head lower at this point.

The benchmark of the Greek bourse slipped to a three-week low while turnover was the smallest in three months on Monday, partly due to a US holiday that kept buyers away. The reopening of brick-and-mortar stores apparently had little effect on the stock market, which is eager for some assurances this will not be a mere blip.

The benchmark of the Greek stock market ended the week at its lowest level since Christmas, with traders remaining reserved about the course of the economy as the pandemic continues to break one record after another internationally.

Just like in Tuesday's session, stocks started with gains at Athinon Avenue on Thursday but eventually had to settle for losses. Despite the positive start on Wall Street, the closing auctions at the same time in Athens took the main index lower, beyond -1%, on increased turnover.

After heading south in the previous three sessions, Greek stocks in Athens reversed course on Wednesday, with most ending up in the black and the benchmark reclaiming the 800-point level it had lost on Tuesday. The expected reopening of the retail market is seen as a catalyst for some short-term gains in the coming days.

Turkey's calendar-adjusted industrial production surged 11% year-on-year last November, the country's statistical authority said on Jan. 13. 

The figure, which beat market expectations, indicates strong growth for the third quarter of 2020.