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1.Market Observations

31 Jan 2013 (AFR) – Greece’s banks buck upward trend

(31 Jan 2013, AFR, p23, Financial Times)

‘Somebody up there has taken a shine to Greece. Since June last year, the Athens stockmarket has risen by more than 100 per cent and outperformed the FTSE Eurofirst 300 index on a total return basis by more than half.’

‘However, although Greek non-financial stocks have enjoyed a surge, banks have underperformed. Telecom provider OTE is up 250 per cent over six months, retail group Folli Follie is up 170 per cent and Thessaloniki Port Authority has doubled. Sure, a Greek exit from the euro zone is off the table for now.’

Read more at AFR.com (might need AFR login access)

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