The standoff between blue chip company Folli Follie and Quintessential Capital Management over the former's fundamentals continued to weigh heavily on the Greek stock market on Monday. The benchmark dropped for a fourth day in a row, in spite of the positive outcome of the banks' stress tests (largely factored in) and the favorable atmosphere on foreign markets.
Concerns on international markets, related to the Fed's decision to keep its rates unchanged while signaling a policy tightening in the future, led to Greek stocks posting significant losses on Thursday, as the euro and the Greek bond prices continued their decline. The majority of stocks ended the session on the day's low.
Bank stocks on Tuesday led the benchmark at Athinon Avenue to a third consecutive session of losses, albeit marginal, while the overall picture was quite patchy, with mid-caps and small-caps registering gains. The gains registered by PPC and Coca-Cola HBC offset most of the blue chip index's losses.