Stock market: 10-year high – Five straight weeks of gains for the General Index – 2024-07-27 10:09:03

The Greek stock market continues “on a roll” from 2023: the General Index completed another upward week, the fifth in a row, while the first sessions of the year have begun with a 20% increased turnover compared to the corresponding period last year.

At the same time, as Beta Securities emphasizes, at the beginning of 2024 the General Index recorded another high which is a milestone: it is the highest value of the General Index that has been recorded since 2014. The capitalization exceeded 91 billion euros and is the higher price than November 24, 2009 when the General Index traded at 2,400 units and the number of listed companies on the AX was almost twice as high as today.

However, today’s landing of the General Index above 1,350 points is a reversal as the common belief in the market was that it would rest on the “laurels” of the 7 consecutive upward sessions of the previous days. However, the Goldman Sachs report appears to have reversed the prescribed course of profit-taking and assimilation of mildly bearish levels and provided the necessary impetus for the General Index to challenge and surpass 1,350 points.

Specifically, the General Index closed at 1,352.65 points with an increase of 0.35%, continuing the upward streak with 8 upward meetings in a total of 9 meetings since the beginning of the year.

American investment house Goldman Sachs raised its target price for the Athens Stock Exchange General Index for the new year to 1,550 points, compared to 1,375 points that was its previous estimate and 1,350 points is its current valuation and the upside from current levels are 16% over the next twelve months. The expected return of the General Index on the AXA is 24% in dollar terms against 17% applicable in emerging markets.

It is noted that with this particular valuation, the domestic stock market ranks among the top markets in terms of upside margin, and the valuation of the domestic index in relation to the emerging markets emphasizes this positive image.