Foreigners return after bank reports

In the run-up to the election, the local bourse showed signs of overheating, with the main index climbing to a new year-high on Tuesday before receding during the following days. The Athens Exchange (ATHEX) general index closed the week on Friday at 2,593.43 points, recording a 0.69 percent decline from the previous week’s close at 2,611.56 points. It had reached 2,667.62 points on Tuesday. The positive reports of international rating agencies for local banks have helped them edge higher, aided also by the return of foreign investors. The latter also turned to other blue chips, while domestic investors appeared more cautious. «The devaluation of Greek stocks in 2008 and the scaremongering about the country’s economy have created some investment opportunities for the good stocks of the market. This, along with the improvement in the macroeconomics of the eurozone and the US have sent the local bourse to new highs,» says Dimitris Skapinakis, head of the investment strategy department at Marfin Bank.