With an explosive rise of 7.82% which was 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 it is at the top of the world’s returns for 2023.
The market “read” the election result as the best possible scenario, a result, as it reduces the political risk, paving the way for the recovery of the investment grade in the coming months.
The election result was ideal to support the market and bring in new money that keeps the movement going.
Morgan Stanley recommends the Greek market as the top choice among Europe’s emerging markets. According to Morgan Stanley, valuations of Greek stocks remain cheap. The domestic market trades on a P/E ratio of 7.7 times for the next twelve months, below the long-term average.
The dividend yield ratio has moved away from its recent high and now stands at 4.9% and remains above its average.
The book value P/BV ratio is higher vs. historical at one time, which is fully justified by the improving environment and yield dynamics. 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 is up 12.52% and since the beginning of 2023 it has recorded gains of 31, 31%.
The 1,200 units are now the reference point of the next meetings of the General Index and with an upward diagrammatic target of 1,380-1,400 units.
The FTSE/ASE 25 large-cap index ended the week up 7.59%, and since the beginning of the year it has risen 32.22%. The FTSE MID CAP index ended the week up 8.77% and since the start of 2023 is up 29.96%.
The banking index closed the week with a rise of 13.64%, while since the beginning of the year it has gained 56.38%.
The total value of transactions in this week’s sessions jumped to 996.502 million euros, while the average daily value of transactions was 199.300 million euros.
The total market capitalization this week increased by 4.518 billion euros and reached 82.919 billion euros, while since the beginning of the year it has increased by 17.061 billion euros.
Source: Zougla.gr by www.zougla.gr.
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