ADMIE Holdings

The Greek stock market remained split between winners and losers on Wednesday, with blue chips enjoying a day of gains and mid-caps suffering mild losses while turnover remained at a satisfactory level. It appears the market is now awaiting Standard & Poor's verdict on Greece in 15 days' time.

There were across-the-board gains at the Athens bourse on Wednesday, led by Public Power Corporation and banks, while trading volume appears to be growing by the day in a clear sign that something is changing in the market that a few years ago was relegated from developed to developing.

The bond issue clearly stole the limelight away from the local bourse on Tuesday, with investors focusing on the course of the 10-year note instead of buying Greek stocks, and sellers sending the benchmark back below 700 points.

The benchmark of the Greek stock market recorded a new four-month high on Thursday thanks primarily to the advance by bank stocks, which continued to rise as a solution concerning the protection of debtors' main residences appears to be near.

On a good day for the Greek bond market, local stocks rallied at the end of the trading session on Tuesday to notch up enough gains to send the benchmark higher. Former state companies were at the focus of buying interest.

Stocks at Athinon Avenue rallied toward the end of the session on Wednesday for a third day in a row, offseting most of their losses. A slight majority of stocks ended up lower and banks continued to slide, while the benchmark closed virtually unchanged and mid-caps recorded small gains.

The rising streak on the Greek bourse was interrupted on Thursday by profit-taking from investors, who led the benchmark and blue chips south after five sessions of growth, although mid- and small-caps enjoyed gains.

The pressure was back on stocks at Athinon Avenue on Tuesday, as market concern over Italy is intensifying and local banks remain an easy target for trader speculation.

The Athens Exchange (ATHEX) general index ended at 681.17 points, shedding 1.47 percent from Monday's 691.30 points. The large-cap FTSE-25 index contracted 1.19 percent to 1,796.06 points.

Trader disappointment on Monday over Moody's decision not to issue its verdict on the Greek economy last Friday, amid the general negative mood in markets due to the mutual tariffs on US and Chinese goods, put fresh pressure on most local stocks, with the low turnover mirroring investor reluctance.

August ended with losses of 4.15 percent for the Greek stock market's benchmark, while banks fell over 14 percent, as Friday saw another session of decline albeit with the highest turnover of the last three months, mainly thanks to the rebalancing of the MSCI index.