We include in our watchlist the ETF Lyxor GRE (Greece Index) whose fees are 0.45% and the AUM of approximately 188M €. The index is turning upwards over the medium / long term horizon and is in the process of completing a short-term correction which appears to be a good entry point.
The Greek economy is recovering and is expected to grow by nearly 2% this year. The country has made its return to the debt markets and comes to the end of an austerity program which should lead to an haircut from creditors. Structural reforms and the return of foreign investors should accelerate the Greek economy in a context of general European recovery.
The technical configuration shows that the short-term correction is probably completed. After a decline of about 12%, GRE has bounced back on its M100E and forms a bullish candlestick (to be confirmed in weekly close). Prices should start a further upward swing in the direction of 1.2 €.
GRE : weekly data
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GRE : weekly data