Mod­est gains ahead of the Jan­uary ef­fect

Kathimerini English - - Front Page -

The last bourse ses­sion of 2013 ended with small gains for most stocks on Tues­day but also marked the end of 12 months of huge gains, as the bench­mark in­dex chalked up re­mark­able an­nual growth of 28.06 per­cent.

Last year was fur­ther marked by MSCI’s de­mo­tion of the Athens Ex­change (ATHEX) from de­vel­oped to emerg­ing mar­ket sta­tus, while 2014 is start­ing with very pos­i­tive indi­ca­tions in that the lo­cal bourse is ex­pect­ing the so-called Jan­uary ef­fect, which should take prices even higher bar­ring any ma­jor prob­lems on the in­ter­na­tional scene or in do­mes­tic pol­i­tics. The de­val­u­a­tion ob­served in the last few weeks of 2013, the ex­pected in­flow of cap­i­tal for events such as Eurobank’s share cap­i­tal in­crease, and op­ti­mism that 2014 could be the year of Greece’s re­turn to growth will all play their part.

The ATHEX gen­eral in­dex closed at 1,162.68 points on Tues­day, shed­ding 0.62 per­cent from Mon­day’s 1,158.03 points. The large-cap FTSE/ATHEX 25 ex­panded 0.62 per­cent to end at 384.84 points. Fit­tingly, it was Hel­lenic Ex­changes that out­per­formed among blue chips, with gains of 3.63 per­cent, while Eurobank Prop­er­ties de­clined by 4.94 per­cent.

In to­tal 81 stocks posted gains, 59 went down and 18 stayed put. Turnover amounted to 52.1 mil­lion eu­ros – not bad for a half-day.

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