ATHENS STOCK EXCHANGE

Expectations for a return to normalcy, following the positive developments on the vaccine front. The faster return of economies to normalcy will allow for more efficient management of loans where payments have been temporary frozen on debt reaching 20 billion euros.

Through the adventurous history of Greece’s participation in the MSCI indices, the initially promising - and subsequently disappointing - course of the ATHEX is written out with great clarity, as the Greek MSCI has yielded only 3.5% since 2005, while profits from the two key MSCI indices exceed 250%.

From the end of 2018 until the end of June 2020, an increase of the capitalization to 417 million euros, +83.5 percent, has been recorded.

Exceptionally favorable conditions in the fixed income market in combination with improved economic conditions in Greece and high expectations for a good 2020 have driven yields to historic lows.However, this optimism has not spilled over on to the stock market. The distance separating the stock and bond markets is obvious.

Greek bank shares are returning to levels not seen since the sector's third round of recapitalizations took place in 2015, while 2020 looks like it will be the year when big improvements to their balance sheets are seen. Bank shares may be back at the forefront this year, rising 100 percent on an annual basis, but they continue to trade at prices below rights issues completed in 2015 as part of the third recapitalization plan.