Greek stocks are prime pickings, experts say
Analysts said Greek stocks are performing well and have beaten every market while recession eased, according to a report by Bloomberg.
The report said that the almost forgotten stocks of the Euro-member state have rebounded and have already attracted a number of investors.
"The outlook for the country has completely changed. I'm very overweight Greece because I find very, very good opportunities, very well-run companies and very cheap valuations. Greece is only just emerging from the crisis. Because they've cut their cost bases so low, the profitability growth is going to be enormous if we get positive GDP growth," Francesco Conte, hedge fund manager from JPMorgan told Bloomberg by phone interview last Oct. 24. Conte, who managed about USD2.8 billion in London, dumped his Greek stocks three years ago.
The Greek recession showed signs of slowing down after the government cut wages and pensions and increased its tax base to meet targets. Greece was a recipient of two bailouts from the European Union and the International Monetary Fund.