The Greek stock market returned to positive territory today, following a brief pause in its five-day rally. Investors are evaluating the Q3 financial performance of systemic banks, alongside management's upgraded forecasts and increased dividends.
In the session on November 8, the General Index rose by 0.29%, closing at 1,412.59, with intraday highs of 1,414.92 and lows of 1,408.42. The index is on track for a second consecutive weekly gain, up 1.3% prior to today’s trading. Banks have collectively surged by 5.66% over the past five days.
Technical analysts point to 1,420 points as the next resistance level, with a target for a weekly close above the 200-day moving average at 1,425 points. Key support is identified at 1,375 points.
Investor optimism is bolstered by interest rate cuts from the U.S. Federal Reserve and the Bank of England, contributing to a euphoric atmosphere on Wall Street. The S&P 500 and Nasdaq have reached new all-time highs.
Alpha Bank reported a recurring profit of EUR 666 million for the nine-month period, marking a 16.5% year-on-year increase. The bank also raised its earnings per share forecast for 2024 to EUR 0.34. Eurobank and National Bank also released strong results, with Eurobank announcing a net profit of EUR 1.145 billion and an increased dividend payout.
Looking ahead, several banks are scheduled to announce their results next week, starting with Optima Bank on November 11. This uptick in financial disclosures is partly due to an upcoming roadshow organized by the Hellenic Securities and Exchange Commission in London.