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Intraday stock price patterns in the Greek stock exchange

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A few years ago, the stock market of Greece was a relatively small and under-investigated emerging market. Nevertheless, modernization and some other major reforms that have taken place the last 10 years resulted in the market obtaining more depth and width. In the last decade an increasing number of new companies were listed in the Athens Stock Exchange (ASE) in order to raise capital, and an increasing number of investors entered the market by investing in corporate stocks. These developments boosted the domestic and international investment interest for the Athens Stock Exchange (ASE), which is now expected to gain the characterization of a more developed market. This article is to investigate whether there are certain stock price patterns during the trading sessions; and if such patterns exist it implies a profitable trading rule. The possibility of profitable intraday stock price patterns will form an evidence against the Efficient Market Hypothesis (EMH), according to which, stock price changes or stock returns are expected to be random and thus unpredictable. The results indicate specific price patterns and a trading rule based on the results of this article proved to be not only more profitable compared to the passive 'buy and hold strategy' but also more safe.
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Document Type: Research Article

Affiliations: Department of Economics, University of Athens, 5 Stadiou Street, 105 62, Athens, Greece

Publication date: 2003-01-01

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