With mild gains of 0.43%, the stock market closed the week ending, with the market now seeing the levels of 1,500 units, amid positive sentiment in the international markets.

The 15% gains recorded by the General Price Index since the beginning of 2024 confirm the upward momentum of the stock market and the target of 1,500 units is very close, in the first phase, with the next target being the movement of the market above and above levels of 1,600 units to bring the market back to levels it was before the loss of investment grade in 2010.

The upward movement of share prices from last October’s real lows to 13-year highs (+34%) raises the question of whether the market is now overpriced. Citi gives the answer, stressing that Greek shares, despite the strong rise they recorded in 2023, continue to have one of the cheapest valuations both in the European region and globally.

In terms of valuations, the Greek market is among the cheapest in terms of P/E. Specifically, the 12-month P/E stands at 7.1x versus 14x in Europe, 21.8x in the US, 19x in developed markets and 12.9x in emerging markets.

At the same time, and in terms of book value P/BV, Greece also shows one of the lowest valuations internationally, as the index for 2024 is placed at just 1.0x compared to 2.1x for Europe, 4.8x for the USA, 3.3x for developed markets and 1.7x for emerging markets.

At the same time, according to Citi, the increase in Greek EPS is 42.2%, while in Europe EPS decreased by 4.4%, in the US they increased by 2% and in emerging markets they recorded a decrease of 9.6 %.

At the same time, the estimated dividend yield of Greek shares is 4.9%, above the average in Europe and the USA, which is 3.2% and 1.3% respectively. In global markets, developed and emerging markets, it is placed at 1.9%, 1.8% and 2.7% respectively.

The General Price Index closed the week at 1,490.46 units, against 1,484.06 units the previous week, marking a weekly increase of 0.42%. Since the beginning of May it has risen 2.90% and since the beginning of 2024 the main stock market index has recorded gains of 15.26%.

The FTSE/ASE 25 large-cap index closed the week with gains of 0.64% and since the beginning of 2024 is up 15.97%. The FTSE MID mid-cap index ended the week up 0.33%, and has gained 6.65% since the start of the year.

The banking index closed the week with a rise of 2.52%, while since the beginning of 2024 it has gained 24.66%.

The total value of transactions in this week’s sessions was 621.598 million euros, while the average daily value of transactions was 124.320 million euros, compared to 203.327 million euros last week.

The total market capitalization this week increased by 646 million euros and reached 102.826 billion euros, while since the beginning of the year it has increased by 14.938 billion euros.