Greek Stocks ended just below 1600 on Friday, up 3.56% for week, help by both the new conditions regarding the new tax legislation in dividends and the confirmation of an ongoing European development to fight debt crisis.
The Greek market welcomed the news about the new tax law bill, as the high yield shares were the main beneficiaries. OPAP, Motor Oil and Hellenic Petroleum gained for week 9.55%, 9.41% and 8.76% respectively. Mytilineos and CocaCola Hellenic rose by 4.8% for week.
Banks had been underperforming for the most of the week, but recent statements by Greek and European officials about the discussions on the country’s debt have boosted the banking sector on Friday.
Analysts comment that banks’ rise was the catalyst for the market to maintain its upward momentum. The sentiment is significantly improved, as the General Index’s profits amount to 17.47% for the last 14 sessions, while banks’ profits are at 22.8% for the same period.
"I wasn’t surprised that the bourse climbed higher since the index is still hovering above the 200-day moving average and the next technical resistance level is 1,625 index points," Nikos Christodoulou, head of research at Merit Securities, told Dow Jones Newswires.
"Based on the current scenarios, our analysis tells us to be long next week, even if it may be volatile. Feb. 4 is a key date because of potential decisions at the EU Summit to reduce Greek debt risk," he added.
Across the board, the General Index ended at 1,591.2, up 1.35%, moving in a margin of 33 units or 2.1%. Approximately 46.98mn units worth EUR114.05mn were traded on Friday, while a total amount of 118 shares rose, 41 declined and 126 remained unchanged.
Banks rose by 2.5%, at 1373.09. National Bank stood out, gaining 4.81%, while Bank of Cyprus and Alpha Bank rose by 2.94% and 1.69% respectively.
source: capital
