The Greek stock market looks set for a rebound, showcasing a trade index last seen ahead of the country’s 10-year financial crisis.
Officials say the market’s total capitalization has reached 100 billion, a milestone unseen since early November 2009 when the index at the Athens bourse stood at 2,400 points.
Average daily trading has also skyrocketed to levels last seen 15 years ago.
The average daily transaction value in the first quarter of 2024 reached 146.046 million euros, a whopping 32 percent increase from 2023.
Globally, the Greek stock market ranks seventh in returns among international markets.
The market finds support in the positive trajectory of fiscal figures and the developmental prospects for the Greek economy this year.
In 2023, the Greek economy achieved a surprise surplus, reaching 1.9% of GDP, compared to a zero balance in 2022. The GDP in 2023 increased to 220.3 billion euros, up from 206.6 billion in 2022 and 181.5 billion in 2021.
Adding to the positive developments, Greece’s new foray into the markets with a 30-year bond has garnered a strong vote of confidence, attracting offers of 33 billion euros The government’s market exit last January attracted high bids of 35 billion euros. In just under two months, Greek bonds have attracted 68 billion euros. The profitability of listed companies supports stock valuations.
A surge in profitability was recorded and stock market analysts estimate that they will achieve the highest profitability in 16 years, since 2007, when profits were 11.3 billion euros..