With a fall of 3.24%, the stock market closed the week ending. The upgrade from Moody’s could not change the situation in the stock market as the decline canceled out any positive impact of such an important event.

According to the managing director of XA, Gianno Kontopoulos, the acquisition of the investment grade cannot be fully priced if the required investment flows do not come, noting among other things that at least two rating agencies, of one level and above, should give the investment grade.

At the same time, banks have recently received a barrage of upgrades from rating agencies and positive recommendations from foreign investment houses.

Fitch has upgraded the long-term credit ratings of Eurobank, Piraeus and Ethniki by one notch. Upgrade of Greek banks also by Moody’s, which even gave investment grade to NBG and Eurobank (Baa3) for their deposits and refers to the good prospects of Greek banks to maintain the relatively good performance for the next two years, which will strengthen also their capital base and ability to absorb losses. Citigroup, JP Morgan, Morgan Stanley and Goldman Sachs renewed their “vote” of confidence in Greek banks.

In global markets, investors are pulling out of stocks at the fastest pace since December as the prospect of interest rates remaining at ultra-high levels for longer increases the risk of a recession, Bank of America analysts said.

Bond market yields moved sharply upwards. The yield on the 10-year US Treasury bond hit its highest level in more than 15 years, while the yield on the 10-year German bond hit a 12-year high. Bond yields are climbing to multi-year highs after clear signs that the US Federal Reserve plans to keep interest rates high for longer than expected. Furthermore, the market is pricing in the ECB’s deposit rate to remain above 3% over the next two years.

The General Price Index closed the week at 1,217.75 points, against 1,258.58 points the previous week, marking a weekly drop of 3.24%, since the beginning of September it has fallen by 7.22%, while since the beginning of 2023 it has recorded gains 30.97%.

The FTSE/ASE 25 large-cap index closed the week down 2.91%, while it has gained 32.05% since the beginning of the year.

The FTSE MID ended the week down 4.65% and since the start of 2023 is up 38.89%.

The banking index closed the week down 3.76%, while since the beginning of the year it has gained 47.75%.

The total value of transactions in this week’s sessions was €517.462 million, while the average daily value of transactions was €103.492 million from €125.885 million the previous week.

The total market capitalization this week decreased by 2.535 billion euros and reached 82.550 billion euros, while since the beginning of the year it has increased by 16.688 billion euros.