Grivalia Properties

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.

Grivalia Properties' Luxembourg-based subsidiary Grivalia Hospitality SA on Tuesday announced its first investment, which concerns the acquisition of a 60 percent stake in the Pearl Island project in Panama from Dolphin Capital Investors.

The Greek stock market's benchmark edged up on Tuesday on low trading volume as many investors opted to wait until after Finance Minister Euclid Tsakalotos's talks in Paris on Wednesday and likely Thursday's Euro Working Group meeting.

Athens-listed property management company Grivalia Properties is expected to make its first investment move in the hotel and tourism sector at the start of 2017. Sources say the firm will sign a deal for the development of a tourism property abroad - and not in Greece where it had originally focused its efforts.

All in all it was a quiet session at the Greek bourse on Tuesday, as it seems quite a few investors decided to stay away and wait for news from the Euro Working Group. Most stocks posted small losses but the benchmark rose a tad after the closing auctions.

The disturbingly low turnover was the main feature of the month's first trading session at Athinon Avenue, while banks helped push the benchmark up more than four points, with some support from OPAP gaming company.

International rumors about a Greek eurozone exit and the bleak outlook of the country?s negotiations with its creditors sent local stocks even lower on Wednesday, with banks again bearing the brunt of the selling pressure.

The local benchmark rose for the third day in a row on Tuesday although some impressive gains chalked up early in the session mostly evaporated once turnover started picking up. This – along with the 0.37 percent decline posted by the banks index – suggests that the latest streak of growth will probably be short-lived.