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ASE in 1998
The worst period of the Greek Stock Market started in August and ended in early October 1998. However the market climbed even higher in December 1998 with the Athens Stock Exchange general index closing at 2,738, a 10.8% rise. On December 1st the index has closed slightly under 2,500. Transaction volume remained high, with domestic inventors selling at profitable high prices.
Some of the most important sectors of the Greek Stock Market had the following variations:
Index |
Value |
% Change
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General
|
2825.52
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-12.34
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FTSE/ASE-20
|
1291.72
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-11.22
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Banks
|
5465.66
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-10.68
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Insurance
|
1291.72
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-8.89
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Leasing
|
404.23
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-8.77
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Investing
|
865.97
|
-6.69
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Manufacturing
|
1918.94
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-14.1
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Miscellaneous
|
1999.17
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-5.59
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Holdings
|
2147.82
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-6.69
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Construction
|
600.88
|
-15.85
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Parallel
|
189.06
|
4.45
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Source: Athens Stock Exchange, Monthly Bulletin, Dec.1998.
Overall, 1998 was a record year for the ASE, which marked the highest rise worldwide, an amazing 85% since the beginning of 1998.
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ASE in 1999
During the first three months of 1999, the ASE General Index rose by an additional 20.68%. By December 31st, market capitalisation increased to 137.68 percent from last year’s figure. The daily transaction volume reached 302.6 billion GRD, while the number of listed companies has increased to 321. The best performing sector in the Athens Stock Exchange during 1999 was the parallel market.
|
Index
|
% Change
|
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General
|
107.6
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FTSE/ASE-20
|
62
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Banks
|
67.7
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Insurance
|
197
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Leasing
|
351
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Investing
|
232.5
|
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Manufacturing
|
280
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Miscellaneous
|
235
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Holdings
|
300
|
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Construction
|
586
|
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Parallel
|
658
|
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Source: www.naftemporiki.gr
In conclusion, the Greek Stock Market has shown excellent prospects in 1999.Finally, market capitalisation reached GRD 71.9 trillion on n15/11/99, thus increasing the ratio of market cap to GDP to 196.6%.
The 10 largest companies in terms of market capital
|
Company
|
Market Capital (bn GRD)
|
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National Bank of Greece
|
3408
|
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OTE
|
3246
|
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Alpha Credit
|
2574
|
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Commercial Bank
|
2020
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Panafon
|
1834
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Heracles General
|
1362
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Intracom
|
1327
|
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Viohalco
|
1275
|
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Ergo Bank
|
1248
|
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Hellenic Petroleum
|
1114
|
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Source: Sigma Securities S.A 1999.
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ASE in 2000
In 2000, things changed for the Greek Stock Market. Most Economic developments such as lower inflation and interest rates, the successful convergence process towards EMU, Olympic games, strong economic growth etc., seemed to be ignored by the market. Therefore, Stock Market started to move continuously downwards. Some of the main characteristics of the Greek Stock Market in this disappointing year were the following:
|
Index
|
Value |
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General
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3388
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FTSE/ASE-20
|
1950.95
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Banks
|
7306.98
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Insurance
|
1383.92
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Leasing
|
559.89
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Investing
|
1032.89
|
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Manufacturing
|
2150.57
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Miscellaneous
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2200.78
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Holdings
|
2268.89
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Construction
|
750.55
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Parallel
|
306.89
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% Change
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-92
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-52
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-55.7
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-165
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-298
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-197.56
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-234
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-187
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-247
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-489
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-578
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Source: www.naftemporiki.gr
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In conclusion, we have to say that 2000 was a very disappointing year for the Greek Stock Market. The strange thing in that year was that the Greek Economy as we mentioned above was not that bad. My personal opinion is that political interference must not exist in the Stock Markets…
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Copyright 2002 Manolis Thalassinos
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