EYDAP

Reserved trade saw turnover dip to less than 75 million euros at the Greek bourse on Thursday and although the banks index posted a marginal drop the benchmark managed to recover its morning losses to end up well in the green.

The telephone call between Prime Minister Alexis Tsipras and European Commission chief Jean-Claude Juncker turned things around at the Greek bourse on Wednesday, with morning losses giving way to afternoon gains. The benchmark closed near the day?s high, back above the 800-point level.

Bank stocks continued their decline on Thursday, but that was not enough to force more losses on the Athens bourse benchmark, which gained more than 1 percent thanks to the closing auctions in a rather indifferent market, as the constantly low trading volume reveals.

Perpetual warnings about an ?accident? and threats of a Greek referendum continued to aggravate the mood in the local economy on Friday, as reflected in the Athens stock market, which lost over 3 percent.

The marked rise in turnover at Tuesday?s ATHEX session came about mostly during the containment of the early gains posted in the wake of Monday?s Eurogroup, as the benchmark?s 4 percent morning gains proved no more than a flash in the pan. Trading volume started picking up during the day as the sellers resurfaced to create a mix of green and red on the stock chart.

Traders rushing to exit the Greek bourse at the end of Thursday?s session led to the benchmark closing on the day?s low, as investor jitters rose on the scrapping of the euro cap on the Swiss franc along with uncertainty regarding the formation of the next Greek government.

Traders hardly batted an eyelid at the government’s positive result in the parliamentary vote for the budget, keeping most of their attention firmly fixed on developments on the troika front. Accordingly the Greek bourse saw little action, with the benchmark refusing to give any ground and remaining afloat for one more day on Monday.

Hedge fund manager John Paulson, whose company Paulson & Co holds a 5 percent stake in EYDAP and Eurobank, told the 16th Capital Link Invest in Greece Forum in New York on Monday that he is freezing his plans to invest further in the country due to the political instability.

Investors’ wait-and-see stance regarding Greek stocks left the benchmark virtually unchanged on Monday, with the smattering of gains recorded during the day evaporating by the end of the session. Moody’s decision to postpone its revision of Greece’s credit rating contributed to the reduced trade at the start of the month, with turnover dropping to very low levels.