Eurobank

Lackluster buying interest on the bourse and the sudden drop in action in the last three hours of the session, after the Athens earthquake, resulted in minor losses for the majority of stocks at Athinon Avenue, but the week still closed with gains.

Titan Cement and Public Power Corporation ensured the benchmark of the Greek bourse remained in the black for one more day on Thursday, though it was still below recent highs.

The second half of Wednesday's bourse session in Athens saw the return of buyers, who focused on certain blue chips like banks and oversold Public Power Corporation, but also Lamda Development and Mytilineos, on the back of important corporate developments.

Traders reacted to Monday's decline on Tuesday with a small rebound for most stocks, though the session at Athinon Avenue was clearly overshadowed by the state bond issue whose books opened half an hour before trading started on the bourse.

Moody's changed its deposit rating on Greek banks Alpha, Eurobank and National to positive from stable, citing expectations of further improvement in asset quality, the ratings agency said on Tuesday.
Moody's said stronger than 2 percent annual economic growth in the coming years would support banks' efforts to reduce their large stock of sour loans.

The Greek stock market was no exception to the rule in most eurozone bourses on Monday, where investor skittishness resulted in moderate losses and low trading volumes. Local traders may also be waiting for today to position themselves in the new seven-year Greek bond.

A mixed session at the bourse on Friday brought the first post-election week to a close with losses for the benchmark, while the market also used some of its cash availability to cover the bond issue by National Bank.

The Athens Exchange (ATHEX) general index closed at 858.33 points, shedding 0.58 percent from Thursday's 863.33 points. On a weekly basis it shrank 4.06 percent.

Despite a decline among banks, the vast majority of stocks ended up on the winning side on Thursday, with the benchmark advancing for a second day in a row, albeit marginally this time.

The Greek stock market recovered on Wednesday from a two-day sell-off that saw banks shed over 12 percent of their stock value, as the benchmark jumped back above the 860-point level, albeit on lower trading volume. The market appears quite volatile, in contrast to the months leading up to the May 26 European elections.

European slaps on Athens' wrist over handouts by the previous government that are seen endangering the budget's targets, inflicted extensive losses on Greek stocks on Tuesday, and came hand-in-hand with a rise in Greek bond yields. Sazka's public offering for OPAP shares it does not own did not help prices either.