The Athens Stock Exchange (ASE) gained 43.91 per cent in a sustained rebound between January and October and stands at the top of the world stock market performance charts for 2019, say analysts reports.
The market has recouped many of the losses incurred during the previous five years and has noted an impressive recovery of banking stock – 101.59 per cent (13.121 billion euros) in the sector, reaching a 15-month high.
The upward trend peaked after European elections when it became apparent that there would be a change of government in Greece. The conservative New Democracy party win was enhanced by a climate of euphoria over the decline in Greek state bond yields to historically low levels.
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Analysts say that the recovery of the Greek stock market has not quite matched that of the bond market as big institutional investors adopt more defensive strategies on the ASE.
The general index of the ASE has gained 260.27 points, reaching 882.57 points, in the first 10 months of 2019, increasing from 613.30 points at the end of 2018. All sectors, apart from health (down 2.17 per cent), noted gains at the start of the year with raw materials and public utilities up 103.67 per cent and 64.28 per cent respectively.
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