Viohalco

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.

Greek stocks continued to move in a narrow range for another day yesterday, with the majority ending lower again, but the benchmark at Athinon Avenue put an end to its four-day losing streak and posted a moderate rise, mainly assisted by the fresh drop in Greek bond yields. The only thing that seems to pique investor interest these days is listed firms' general meetings.

Daily turnover sank to a new low on Monday but the majority of stocks on the Athens Exchange (ATHEX) edged upward at the start of the week, despite the slump in bank stocks at the very end of the session.

The payment of stock dividends at Athinon Avenue, the negative climate on international markets and the increasing devaluation of the market (through the ongoing Folli Follie saga and the loss of buying interest in mid- and small-caps), led to significant losses for the majority of Greek stocks on Thursday.

The Greek stock market tried to distinguish itself from its European peers, concerned about a trade war across the Atlantic, but eventually ended Tuesday with losses for the majority of its stocks. while traders are still keeping an eye on Thursday's Eurogroup.

Bank stocks recovered on Monday from a sharp drop last Friday, with their advance gathering pace as the week's first session progressed, helped also by the decline of Greek bond yields. Low turnover is explained by anticipation for Thursday's crucial Eurogroup.

Unfazed by the domestic turmoil over the controversial agreement between Athens and Skopje and the no-confidence motion against the government, investors sent local stocks higher for a third day on Thursday, with turnover matching Wednesday's.

After an initial drop banks enjoyed robust gains on Wednesday, leading the benchmark of the Greek stock market higher. The trigger for the second consecutive day of gains was the prospect of an agreement at next week's Eurogroup.

Greek stocks surprised observers on Wednesday, as prices rose despite the pressure on most foreign stock markets. The increase in bond prices, in harmony with the rest of the eurozone, and the drop in the T-bill auction rate on Wednesday played a role in the growth of stocks.

Greek stocks reverted to a southbound course on Wednesday, with losses contained toward the end of the session mainly thanks to notable gains by Coca-Cola HBC, which rose 2.68 percent, and to a lesser extent to oil stocks. Stock markets elsewhere in the eurozone also headed lower.