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DBS Bank: The rally in Greek equities could continue

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The Greek equity market whose fortunes have swung on its country’s bailout dramas is holding on to a market-beating rally as the end of the aid program approaches, DBS Bank says in a note.

Greece’s ASE Index has almost doubled since a low two years ago, posting the second-best performance among European peers in the past 12 months. While it has been boosted by fresh relief from the country’s creditors in the period, the advance could continue if the economy stays on its recovery path as the bailout program winds down this year, say traders and strategists.

Also in focus are Greek lenders’ stress test results in early May, which will show if they need more capital and, if so, how serious the problem is.

Greece is finding its way out of a debt crisis that has erased roughly 25 billion euros ($31 billion) from the ASE’s market value since mid-2014, putting it roughly on par with that of Lloyds Banking Group Plc. The benchmark remains about 83 percent below its 2007 high. This week, the country moved a step closer toward exiting its rescue program, while economists expect growth to firm up this year and next.
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