With a rise of 0.78%, the stock market closed the week ending, completing a particularly positive first half with total gains of 37.52% for the main stock market index, while the total market capitalization has increased by 20 billion euros since the beginning of 2023.

The protagonist of the first half was the banking sector with profits of 57.52%

The week started with a strong post-election corrective pullback (-2.76%), confirming the stock market saying “buy on the rumor and sell on the news”.

The market had discounted the election result, having “run” with a rise of 12% after the first elections on May 21st.

It recovered strongly in Thursday’s session (+2.25%), after the statements of the Governor of the Bank of Greece Mr. G. Stournara that the recovery of the investment grade is very close and after the announcement of the intention of Eurobank to start the divestment of the bank from the Financial Stability Fund, which the rest of the systemic banks are expected to follow.

Greek banks may have posted high returns, but JP Morgan sees significant upside in view of Greece’s soon-to-be investment grade. With the recommendation for Greek banks to remain overweight, i.e. for yields better than those of the market, JP Morgan also increases the target prices. The new target price for Alpha Bank is 2 euros, from 1.50 euros previously, for Eurobank at 1.90 euros from 1.60 euros, for National Bank at 7.30 euros, from 6.30 euros and for Piraeus at 3.90 euros, from 2.35 euros previously.

The General Price Index closed the week at 1,278.61 points, compared to 1,268.71 points the previous week, marking a weekly increase of 0.78%, in June it gained 4.92%, while since the beginning of 2023 it records gains of 37.52% .

The FTSE/ASE 25 large-cap index ended the week up 1.18%, ended June up 5.17%, and is up 37.63% year-to-date. The FTSE MID CAP closed the week up 1.78% in June gained 9.04% and since the start of 2023 is up 41.07%.

The banking index closed the week with a gain of 2.69%, in June it gained 5.30%, while since the beginning of the year it has gained 57.52%.

The total value of transactions in this week’s sessions was €546.727 million, while the average daily value of transactions was €109.345 million from €107.395 million the previous week.

The total market capitalization this week increased by 862 million euros and reached 86.268 billion euros, while since the beginning of the year it has increased by 20.406 billion euros.

60 stocks moved up, 44 fell and 17 remained stable.

The biggest increase was recorded by the shares: Xylemporia(p) +18.62% and Progressive +8.70%.

The biggest drop was recorded by the shares: Tria Alpha(k) -9.62% and Fieratex -4.99%.

The stocks in the large cap index closed as follows:

TITAN: 17.3400 +1.05%

ALPHA BANK: 1.5000 -1.32%

AEGEAN AIRLINES: 10.8000 +0.93%

AUTOHELLAS: 14.0000 unchanged

VIOHALCO: 5.8800 -2.81%

GEK TERNA: 14.3400 -0.69%

PPC: 10.4500 +2.05%

COCA COLA HBC: 27.3400 +1.64%

ELLAKTOR: 2.3700 +1.72%

ELPE: 7.8300 unchanged

ELVALHALCOR: 2.0350 -0.49%

NATIONAL: 5.9540 -1.59%

EYDAP: 6.9300 +1.76%

EUROBANK: 1.5090 -1.37%

STOCK QUEST: 6.1000 -1.93%

LAMDA DEVELOPMENT: 6.7400 -0.15%

MOTOR OIL: 23.2000 -1.02%

JUMBO: 25.2000 +0.080%

MYTILINEOS: 32.3400 +0.06%

PPA: 20.7500 +0.97%

OPAP: 15.9800 +0.82%

OTE: 15.7100 +0.71%

PIRAEUS: 3.0060 +0.87%

SARANTIS: 7.4800 unchanged

TERNA ENERGY: 20.2000 -0.39%