After a strong rally, the stock market is showing signs of fatigue in August. However, foreign financial institutions are renewing their “vote of confidence” in the Greek stock market and in Greek banks, ANA reports.
More specifically, JP Morgan sees a continuation of the Greek stock market rally, due to stable dynamics in banks, attractive valuations, and a strong macroeconomic backdrop.
JP Morgan believes that the strong rally of the Athens stock exchange from the start of the year (40%) still has a long way to go. Greek stock market valuations are still attractive.
The MSCI Greece index trades at attractive levels compared to the 5-year average and based on P/E (6x) and P/BV (0.7x), with a discount of 49% and 45% compared to emerging markets internationally and compared to the emerging market of Europe, the Middle East, and Africa.
Morgan Stanley pointed out that Greece is at the top of its emerging market portfolio and despite its high yield since early 2023 is still considered ‘cheap’.
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