Folli

The suspension of Folli Follie's stock on Friday changed the mood from positive to negative at Athinon Avenue, turning mild gains into significant losses for the majority of listed companies, with the decline accelerating during the closing auctions.

Confidence in the Greek economy's recovery appears to be wearing thin again these days, as a meeting on Thursday of the Washington Group failed to reach an agreement on the Greek debt measures, bond yields remained high, Folli Follie's slump accelerated afresh and bank stocks took another tumble, leading the Athens Exchange (ATHEX) benchmark to a five-and-a-half-month low.

The benchmark of the Athens Exchange (ATHEX) lost all of Tuesday's gains on Wednesday as concerns over the new Italian government, US-North Korean relations and the eurozone in general also weighed on the weakest link in the bloc and its stock market. The drop was accompanied by a major decline in turnover.

The ascent of the banks index after six sessions of losses along with the recovery of bond prices gave local stocks a notable boost on Tuesday, combined with an improvement in trading volume.

The Athens Exchange (ATHEX) general index ended at 797.65 points, adding 1.68 percent to Monday's 784.46 points. The large-cap FTSE-25 index expanded 1.53 percent to 2,094.70 points.

The trading week in Athens ended with a volatile session that saw the benchmark drop for a fifth time in as many days. The majority of stocks ended up with gains, albeit small in most cases. Despite the prospect of a swift staff-level agreement with the creditors and the May triple-witching, the market remained subdued for most of the day.

China's Fosun International Ltd is seeking explanations from Folli Follie, where it is the second biggest stakeholder, about its actual financial state.

Banks and Folli Follie inflicted fresh losses on the main index at the Athens Exchange (ATHEX) on Tuesday as the pressure continued on Greek bond prices and on international markets, taking the benchmark below the 800-point mark.

It seems Public Power Corporation is the new sales target after Folli Follie, as its stock slumped 9.47 percent on Monday. The Greek market benchmark ended in the red on a day of particularly low trading volume.

The Greek stock market's trading week - dominated by the Folli Follie saga and talk of the upcoming independent probe into the listed company - ended on Friday with a session of moderate gains that reduced the impact of losses recorded in previous sessions. However, Greek stocks' apparent vulnerability to speculation does not bode well for the future.

Representatives of the Folli Follie Group and Ernst & Young will meet again on Friday with the Capital Market Commission to hear the confirmation of the stock market watchdog's demand for an independent probe by E&Y into the blue chip company. The meeting will determine the range and timetable of the inspection.