Modest gains ahead of the January effect
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.