Eurobank

Unfazed or perhaps distracted by the issue of the five-year sovereign bond, investors weren't in much of a buying mood at the Greek stock market on Tuesday. The benchmark fell to its lowest point in the last 12 sessions on relatively increased trading volume.

The Greek bourse had already priced in the issue of a five-year bond, so there was little reaction on the part of investors on Monday. A brief uptick in trade during the closing auctions proved enough to push the benchmark into positive territory and reverse losses for the banks index.

A rather quiet day with relatively small turnover on the Greek bourse on Wednesday saw stocks edge upwards throughout the session, with a number of them, including bank stocks, closing on the day's high.

As signs had shown on Monday, stocks on the Greek bourse confirmed on Tuesday that they have run out of steam - at least for the short term - suffering sizeable losses as the benchmark fell from a 28-month high. The quality of the drop points to it being more than a mere correction after the recent gains.

Tax payers opting to settle their debts to the tax services over bank counters will be charged with an extra commission as of Friday, July 28. The decision by the Independent Public Revenues Authority was published in the government gazette on Tuesday. The decision also determines the charges that the public revenue authority will pay per transaction at banks for taxes.

The Greek bourse's benchmark may have notched up more gains at the start of the week to reach a fresh 28-month high, but the hesitant investor moves throughout the day and the relatively low trading volume point to the market waiting for news about a bond issue by Athens and the likelihood that the recent rally may have come to an end.

Property investment companies are expected to swing further towards the tourism sector, particularly in the city hotel domain, as was the case this week with the acquisition by listed firm Grivalia Properties of such a property in Thessaloniki.

Another session with plenty of action at the stock exchange on Wednesday saw the benchmark slip on the decline of mid-caps, although banks remained on a rising course. The closing auctions saw sellers outnumber buyers by a 10-to-one ratio.

The Greek bourse unexpectedly offered some decent action to investors and observers on Tuesday, with the early gains all but evaporating and trading volume more than doubling compared to Monday. The mixed picture upon closing was mirrored in the split between winners and losers among the day's movers, as 56 stocks went up, 63 declined and 15 stayed put.

A rise in bank stocks helped buoy the benchmark and the majority of stocks on the local bourse on Monday, but trading action continued its decline.

The Athens Exchange (ATHEX) general index closed at 843.83 points, a new 26-month high, adding 0.76 percent to Friday's 837.43 points. The large-cap FTSE-26 index expanded 0.58 percent to 2,182.42 points.