ECONOMY

Bourse shows signs of emerging market

The Greek bourse seems to be confirming its characterization as an emerging market, with turnover at particularly low levels, business developments virtually nonexistent and investors’ interest focusing only on bank stocks. The Athens Exchange (ATHEX) general index closed at 1,761.69 points on Friday, posting a 1.00 percent decline from the close of the previous week. The market is fully susceptible to foreign trends, as domestic investors have been reduced to mere onlookers. The annual report by the Piraeus Stockbrokerage Company on the course of the bourse recommends a defensive strategy, hoping for an improvement in economic and business prospects to begin from the second half of the year. The new week will see news coming mainly in the announcements of financial groups (banks, insurance companies etc), who are expected to be the main catalysts for any market moves on the domestic front. Observers suggest that after the storm of negative news, buyers may be ready to lead the market higher, even in the short term.