Terna

Greek stocks staged a remarkable turnaround on Thursday, as they swapped losses for gains, boosted by the reversal of bank stocks' fortunes. This was mainly seen as a reaction to the recent decline of prices from the January 4 peak, and was implemented on the highest daily turnover so far this year.

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.

The European Commission on Monday gave the Greek Infrastructure Ministry the nod for the construction of the northern part of European route E65 the runs from Trikala to Grevena.

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.

The Greek bourse began the day on an upward course on Tuesday, but as the session went on it started losing steam and eventually settled for moderate losses for the benchmark. It ended up below the 800-point mark for the first time in more than two weeks.

The Greek stock market picked up the pace again on Thursday, with the benchmark gaining ground on increased turnover, although banks tipped the balance between winners and losers in favor of those that headed lower. Energy stocks are showing notable resilience, which in the view of investors points to a positive outlook for the economy in general.

Athinon Avenue eased off Monday's 11-month highs on Tuesday, with the benchmark dropping just over 1% on lower trading volume than on Monday. Banks headed south, but energy stocks mostly headed higher again. Observers consider this cashing in of recent gains quite predictable.

The Greek stock market closed for Christmas on Wednesday with further gains for most companies, on the strength of the growing prospects of an agreement between Brussels and London over Brexit, although the day's turnover was the lowest in the last 33 sessions. The bourse will next reopen on Monday.

Greek stocks recovered somewhat on Tuesday from Monday's slump due to the UK's troubles with the mutation of the coronavirus and the impasse in the Brexit talks, as the benchmark climbed back up to 780 points. However, the level of trading volume indicated that the minds of many were already occupied with the holidays.