A painful stock market cycle of more than 13 years seems to be completed for the stock market, which returns to 2011, closing the “black” period of the crisis.

The valuation of the market now reaches 100 billion euros, compared to 50-55 billion euros that fluctuated in 2011. In contrast to the course of the capitalization, the market at the level of the General Index, has returned to levels that were at the beginning of May 2011. However, it is worth noting that in relation to the beginning of May 2011, there are shares of the high capitalization with impressive returns. Mytileneos has a yield of 695%, Aegean 612%, Terna Energy 580%, GEK TERNA 496%, Jumbo 493%, Sarantis 478%. But there are two more top-performing titles. Quest with gains of 2,059% and Autohellas with an increase of 1,202%.

Motor Oil (+231%), Elvalharcor (+148%), Lamda Development (+97%), PPA (+76%) and OTE (+74%) also recorded high gains.

The index is coming from a multi-month rally as the market since October 9 and 1,105 points, with gains of 30% and has not recorded any significant correction.

Technically, the General Index is trying to create a new base of buyers above the 1,400 level so that it can move towards the next resistance area of ​​1,448 to 1,460 points which has been coming to us since the spring of 2011. The market started from the area of 480 units in March 2020 and is now hovering at 1,420 units, a 13-year high.

The recovery of the investment grade played an important part in the return to 2011.

Greece lost investment grade on April 27, 2010, when Standard & Poor’s became the first house to downgrade it to “junk.” The general index “wrote” that day 1,696.68 points, with a drop of 6%. Of course, it was preceded by a continuous fall from the 2,327 points the market was at in early 2010, as the specter of Greece’s bailout opened more and more clearly, until April 23 for Greece’s appeal to the International Monetary Fund.

Some domestic analysts set as a potential target the levels of 1,670-1,690 units, according to the long-term technical picture of the market, levels at which the market was just before the loss of the investment grade.

Goldman Sachs for 2024 gives the General Index a target price of 1,550 units, Eurobank Equities gives 1,622 units and NBG Securities the level of 1,500 units

The next bet

The next important bet of the market is its return to the developed markets, which as estimated recently by the Prime Minister’s economic advisor Mr. Al. Patelis will be in 2025.

In 2024, the placement of the AXA in “under review for possible upgrade” (under examination for a possible upgrade) is possible, within the first half of the year, for reclassification in developed markets.

The entrance of El. Venizelos on the AX was the most important Public Listing of the last 15 years and brought the Greek market closer to its goal of joining the club of Developed Markets.

The successful debut of El. Venizelos at the AXA has intensified the mobility of the codes for their participation in the next large Public Offer concerning the shares of Piraeus Bank owned by the HFSF and which is determined for the beginning of March.

The return to investment grade and the prospect of upgrading the Stock Exchange to developed market status will provide the necessary “fuel” for the further increase of investment capital inflows.

The Greek stock market was downgraded by the world’s most important rating index, MSCI, with assets of 12 trillion. dollars, watched by the biggest international houses, on Wednesday, June 12, 2013.