The Athens Stock Exchange remains on a positive trajectory, with gains exceeding +10.6% in January, laying the foundation for the best start to the year since 2012.
The General Index is on the verge of 2,350 points, with the total capitalization of the Greek market reaching 160 billion euros (highest since 2007) and banks constituting the main “protagonists” with a rally of +22.2%.
The role of MSCI is proving to be a catalyst for the positive performance, as the acceleration of the upgrade process to Developed Markets (the official announcement on March 31) has caused excitement.
Despite estimates of possible outflows from developing funds, investors seem to give a vote of confidence to the new narrative. A look at the daily turnovers is indicative of the current picture (714 million euros on Wednesday, 644 million euros on Tuesday).
Meanwhile, Stoxx’s decision will be announced in April (it has already placed Athens on the watch-list), while in September, the reclassification of FTSE Russell will be implemented, which has sealed Greece’s return to Development Markets since last year.
Corporate profitability, fundamentals, dividend distributions and business deals are additional factors supporting the bull market, which has hopefully entered its sixth year (as of 2021). Of course, various rumors sometimes affect developments, but they are more figments of imagination than the result of real events.
Of course, the fact that the General Index is at overbought levels should not be forgotten, as the risk of a possible correction or “digestion” remains at the forefront.
However, as long as international markets remain at historically high levels, refusing to succumb to fear of geopolitical or economic turmoil, the likelihood of an immediate shift in the Athens stock market is considered limited.
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