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The Greek stock market made a remarkable recovery on Tuesday with the benchmark ending up just below the 700-point mark. The recent selling spree at Athinon Avenue, the decline in Greek bond yields and the relative euphoria on foreign markets set the stage for a stock surge but the relatively poor trading volume didn't give it the power required to clear the psychologically important level.
The messages coming from the 13th Annual Greek Roadshow in London appeared to take a toll on bank stocks on Thursday, as they were hit with fresh losses, while investors will be keeping an eye out during September's triple witching on Friday as it is considered a key indicator regarding the market's course over the medium term.
Losses sustained by Greek banking stocks banished early signs that the local market could head higher on Wednesday, with the benchmark losing all of its morning gains to end up in the red again.
The Athens Exchange (ATHEX) general index ended at 690.27 points, shedding 0.26 percent from Tuesday's 692.04 points. The large-cap FTSE-25 index contracted 0.20 percent to 1,811.98 points.
The improvement in the mood on global markets along with the rise in the prices of Italian and Greek bonds and Prime Minister Alexis Tsipras's rather measured financial pledges at the Thessaloniki International Fair over the weekend - which appeased traders - led to a significant rebound of Greek stocks on Monday after a week and a half of constant decline for the benchmark.
Greek stocks remained under heavy pressure on Thursday, with the benchmark approaching the psychologically significant 700-point mark and closing at the lowest level since mid-November 2017.
The general index fell 1.74 percent to end at 707.77 points.
The large-cap index gave up 1.82 percent and the mid-cap index was down 1.76 percent.