The Athens stock exchange ranks first among the sixteen developed markets, as well as among the 4 MSCI international indices that follow managers with funds of more than 55 trillion dollars.
According to the table published by “Naftemporiki”, Athens ranks first with a return of 29.87%, followed by US Nasdaq with profits of 26.80% and the Japanese Nikkei with profits of 23.84% between January and September 2023.
More specifically, in the nine largest stock markets in Europe, Athens has more than doubled the return, with Milan following in second place with a return of 19.72%, Madrid with profits of 14.06%, while the Frankfurt market is far behind.
According to Morgan Stanley, valuations of Greek stocks remain cheap. The domestic market trades on a P/E ratio of 7.7 times for the next twelve months, below the long-term average. The dividend yield ratio has moved away from its recent high and now stands at 4.9%, remaining above its average. The book value P/BV ratio is higher, which is fully justified by the improving environment and yield dynamics.