Eurobank

Unimpressed by the International Monetary Fund's statement on Greece, investors in Greek stocks shifted away from the usually dominant bank sector on Tuesday to focus on other blue chips and secure modest gains for the benchmark on improved turnover.

The gloomy outlook regarding the second bailout review resulted in stocks heading south in thin trade on Monday, with particularly low market expectations about the International Monetary Fund's board meeting that started long after the bell rang at Athinon Avenue.

After an increase of Nikas's share capital was approved during a general meeting on Thursday, food company Chipita can now buy a majority stake in the troubled cold cuts producer.

Chipita is expected to pay up to 23.27 million euros for the controlling stake.

Eurobank, which controls 11.99 percent of Nikas, did not respond to questions about its plans for the company.

Buyers expecting to see Greek stock prices rise on Tuesday after two sessions of major losses were sorely disappointed. The benchmark and the majority of stocks ended lower, while Greek bond prices also dropped.

The Athens Exchange (ATHEX) general index ended at 611.75 points, shedding 0.38 percent from Monday's 614.08 points. On a monthly basis it gave up 4.95 percent.

The selling spree that began at the Greek stock exchange on Friday, due to fears generated by Thursday's Eurogroup, continued on Monday, boosted by Moody's description of the delay in the bailout review as a "credit negative" event for Greek banks.

The Lambrakis Press Group (DOL) announced on Saturday that after a failure to reach an agreement with its lenders, the publication of Ta Nea and To Vima newspapers will cease immediately.

The statement published on DOL's website said that Eurobank, Alpha, Piraeus and National banks had refused to extend any more credit to the group and would, instead, place it under administration.

Bank stocks powered the Greek bourse higher on Wednesday, with reports about a possible end to the bailout review saga by late February boosting short- and medium-term market confidence. Trading volume was the highest recorded this month.

The European Stability Mechanism's decision to unfreeze short-term debt lightening measures for Greece, and the seven consecutive sessions of decline for the banks index fueled a significant upturn on Tuesday both in stock prices and turnover.

Lenders are upgrading the role of the Hellenic Bank Association (HBA), with the aim of turning it into an active voice that will intervene dynamically in issues concerning not only the credit sector but also the economy in general.

Traders showed on Monday they are not willing to make any major moves before Thursday's Eurogroup meeting, with stocks showing hardly any movement at the start of the week, and trading volume falling even lower than on previous days.