Viohalco

Greek stocks showed little movement on Monday, with the benchmark and the mid-caps edging higher while banks posted a decline, on a day of significantly reduced turnover. Rising stocks narrowly outnumbered those which declined, with the market hoping for corporate news that would give it some direction.

Stocks took a dive at Athinon Avenue on Wednesday, though they had largely recovered by the close of trade.

Buyers appeared to skip most of that session, with interest focusing on the upcoming placement of the 27% stake the state still controls in Piraeus Bank, expected in the first week of March.

A rather subdued session at the Greek stock market on Monday saw most stocks yield ground for a second day in a row on the lowest daily trading of the last 11 sessions. Early gains gave way to some profit-taking by traders who believe the market has been overbought over the last few weeks, when the benchmark had climbed to its highest point since 2011.

The Greek stock market took another step higher on Friday, closing at a new 13-year high for the second day in a row, as the local bourse appears close to shaking off the entire impact of the financial crisis that started in 2010 in Greece.

The performance of the Greek stock market has got everyone reaching for their record books, as the benchmark at Athinon Avenue climbed to its highest point since May 2011 on Thursday. Banks were again the driver of growth, while some blue chips that have recently recorded major gains experienced some profit-taking at the start of the new month.

The main index of the Greek stock market ascended close to this week's decade high on Friday, with traders focusing on certain blue chips, although mid-caps underperformed this time. A report by Alpha Finance on Friday pointed to an increase of 15% to 25% for the benchmark of Athinon Avenue this year. In fact it has already gained 5.24% since the year started.

The Greek bourse ended its first losing week in more than a month after a mixed session that saw blue chips growing but the main index as well as the majority of stocks shrinking. A number of prearranged packages sent the daily turnover very high, though net trading was rather slow.

A number of blue chips, including banks, attracted significant buying interest at Athinon Avenue on Thursday, with the benchmark rebounding after two days of decline and closing near the day's highs. Still, the rest of the board saw little action, with considerably lower trading volume.

The statements by European Central Bank chief Christine Lagarde about an upcoming easing of interest rates offset the adverse impact from the significant decline late at Wall Street on Tuesday, so the benchmark of the Greek stock market recorded only marginal losses on Wednesday.

Unfazed by the decline of the banks index and the majority of stocks, the main index of the Greek stock market started the week with its eighth consecutive session of growth to register yet another 10-year high. A profit-taking move now appears long overdue. The daily trading volume was predictably reduced, given the holiday in the US.