Greek securities are riding the wave of international price rises and domestic expectations after the May 26 European election result that led to the Greek prime minister calling next Sunday’s snap poll, with bond yields falling and ATHEX stock prices faring better than most of their European peers, ekathimerini.com reports.
Greek bonds recorded what was among the best performances in the globe in the first half of 2019, as the benchmark 10-year sovereign bond yield has dropped from 4.4 percent to 2.4 percent, a remarkable 200 basis points. US bond yields were down 70 bps over the same period.
Reuters has reported that the 343 percent increase in Attica Bank’s stock since end-December and the 265 percent increase in Piraeus Bank’s during the same period are among the global leaders. The ATHEX benchmark’s 41.6 percent growth has dwarfed that of its eurozone peers and the capitalization of the local stock market has grown to 59.7 billion euros from 44.9 billion at end-December.
These performances have nothing in common with the second half of 2018, when the gloomy international climate weighed heavily on the Greek bourse. The swing in policy by the Fed in the US and by China have changed the landscape entirely, with Greece benefiting especially after May 26 for domestic reasons too.
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