National Bank of Greece SA (NYSE:NBG) is a $2.88 billion market capitalized cap which has its operations in Greece. The stock lost close to 5% during trading on October 22. The stock is priced at $6.04 as of close of trading after experiencing the recent fall in value. This dip seems to be an aberration on the march the stock had posted over the past few weeks. Last week it had posted an 18% increase which pales in front of its 56% increase in value over the past one month. Over the past quarter, the stock has appreciated by 82% providing its investors lots of reason to cheer.
The recovery posted by the banking stock is remarkable after the near economic meltdown which was avoided by the central bank selling off its gold hoard. Investors and academics who are tracking the Greece economy and its under pressure banking system.
Latest investor who seems to have joined the “Greece on the recovery mode” bandwagon is Mobius. He has been quoted as saying “You can see finally that Greece is coming back with new ideas. The privatization program is going forward despite opposition from unions. Things aren’t easy but they are making progress.”
He has gone ahead and given his take on why he feels the recent downgrade of Greece economy to emerging market status is not a downgrade after all. He opines that emerging markets club over the past few years has come to mean a small group of fast paced growth countries which are leading the way in the global markets. He has commented that Greece has all the prerequisites to emerge as strong emerging economy in context to the European Union market. Readers should note that Greece markets have risen in value by 50% over the past four months and experts believe will continue over the next few years.