The Athens Stock Exchange has recorded a new high of 193 months or 16 years since yesterday, having managed to break yet another peak, exceeding 2,200 points.
The General Index has already gained more than +3.9% in January, confirming expectations for the traditional impact of the “January Effect” on the Greek market.
The main pillar of the upward movement is (again) the banking sector, which yesterday achieved a “fresh” 10-year high (since the 2015 recapitalizations) at 2,520 points.
Since the beginning of the year, the increase in the index has reached +10%, resulting in the cumulative value of the 5+2 listed banks (Eurobank, EBE, Piraeus, Alpha, Cyprus, CrediaBank, Optima) expanding to 53.4 billion euros.
The positive narrative of the country, the optimistic reports of analysts, the diversification of revenue sources and the prospect of a repeat of high profitability and generous dividends compose a satisfactory mix, offsetting concerns about the reduced interest rates of the central bank but also about the limited discount in relation to abroad.
On the other hand, a generalized stagnation is observed, as a result of the need of investors to assimilate the large profits of the previous weeks. Traditional forces, such as Metlen, Motor Oil, OPAP, etc., seem for various reasons to be unable to follow the upward wave for the time being.
There are also specific stocks, which continue to climb into uncharted territory, offering a satisfactory way out to buyers. For example, Titan Cement is at historically high levels, PPC is at its best since 2008, and the companies of the Viohalco Group are constantly moving upward.
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