Athens Stock Exchange: Market at 9-year high and among top global performers in 2023

With an explosive rise of 7.82%, accompanied by a large increase in turnover, the stock market closed the first post-election week with the market recording new 9-year highs, while ranking at the top of global returns for 2023.

The market interpreted the election result as the best possible scenario, as it reduces political risk and paves the way for a recovery in investment in the coming months.

The election result was ideal for supporting the market and bringing in new money to keep things moving.

Morgan Stanley recommends the Greek market as the top choice among Europe's emerging markets. According to Morgan Stanley, Greek stock valuations remain cheap. The domestic market is trading at a P/E ratio of 7.7 times for the next twelve months, lower than the long-term average.

The dividend yield indicator has moved away from its recent high and now stands at 4.9%, remaining above its average. The P/BV ratio is higher than its historical average, which is fully justified by the improving environment and earnings momentum. The results announced by listed companies justify higher valuations.

The General Price Index closed the week at 1,220.89 points, compared to 1,132.34 points the previous week, marking a weekly increase of 7.82%. Since the beginning of May, it has risen by 12.52%, and since the beginning of 2023, it has recorded gains of 31.31%.

The 1,200 points are now the benchmark for the next sessions of the General Index, with an upward chart target of 1,380-1,400 points.

The FTSE/ASE 25 large-cap index closed the week up 7.59%, while since the beginning of the year it has risen 32.22%. The FTSE MID CAP index closed the week up 8.77% and has risen 29.96% since the beginning of 2023.

The banking index closed the week up 13.64%, while since the beginning of the year it has gained 56.38%.

The total value of transactions during this week's sessions reached €996.502 million, while the average daily trading value stood at €199.300 million.

The total market capitalization this week increased by €4.518 billion to €82.919 billion, while since the beginning of the year it has increased by €17.061 billion.