Fourlis Holdings

Bank stocks dragged the Greek benchmark lower on Tuesday due to concerns over new European Central Bank rules regarding bad loans, new financial reporting standards and delays in property auctions due to the abstention of notaries.

While most international stock markets are experiencing big gains and historic highs, the Athens bourse remains stagnant as the Greek economy has yet to rid itself of lingering uncertainties and political obstacles. Consequently the trading week at Athinon Avenue ended with weekly losses of 1.59 percent while the banks index fell 5.13 percent.

Wednesday's session at the Greek bourse was almost identical to Tuesday's, with moderate losses for the majority of stocks, with trading volume remaining below 40 million euros and investors playing the waiting game.

The sixth consecutive week of losses ended on the Greek bourse yesterday with a mixed performance on Friday. The benchmark had not seen six straight weeks of decline in three years.

The Athens Exchange (ATHEX) general index closed at 745.55 points, adding 0.10 percent to Thursday's 744.80 points. On a weekly basis it slumped 1.33 percent.

Many traders have evidently left for their summer vacations, as turnover at the Greek bourse was particularly low on Friday, but those left behind at Athinon Avenue nudged the benchmark higher at the end of the week on a day of mild growth for most blue chips.

After slipping off sellers' radar in recent days, banks were back at the forefront on Wednesday as local stocks headed south in the strongest sign to date that investors are simply not convinced that the Greek economy is set to stage a full recovery.

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.