Athens Exchange

The bond issue clearly stole the limelight away from the local bourse on Tuesday, with investors focusing on the course of the 10-year note instead of buying Greek stocks, and sellers sending the benchmark back below 700 points.

After rising in early trade, Greek stocks headed lower on Monday - although not below the psychologically significant 700-point level - as investors banked profits following a series of northbound sessions. The market is also seen to be saving its liquidity for Greece's 10-year bond issue, as well as Aegean Air's corporate bond.

Piraeus Bank concluded the sale of its Albanian subsidiary Tirana Bank to Balfin and Komercijana Banka, boosting its core equity capital, Greece's largest lender said on Monday.

March started on a high note for local stocks on Friday, ending another week of gains on brisk trading volume, capped by profit-taking in the session's last few hours after prices peaked.

The 9.25 percent ascent of the banks index dominated Thursday's bourse session at Athinon Avenue, taking the main index well above the 700-point level. However, traders were more reserved as far as other blue chips were concerned.

With the criticism contained in the government's conduct report by the European Commission already priced in, stocks at Athinon Avenue spent most of Wednesday in the red before banks saved the day for the benchmark, helping it to close with minor gains. Turnover continued to shrink.

The prospects of a Greek 10-year bond issue and a new tender for the sale of four coal-fired plants owned by Public Power Corporation saw the Athens bourse benchmark hit a new five-month high on Tuesday. Blue chips rose despite the marginal drop for the banks index and the decline in turnover.

Buying interest focused on bank stocks at the Greek bourse on Monday, resulting in major gains for the sector and the benchmark, which is edging ever closer to the 700-point level, although the majority of stocks headed south.

For the first time in over 18 months, the benchmark of the Greek stock market completed a fifth consecutive week of gains - even if Friday's session ended with minor losses on the day. The gains registered by most non-banking blue chips made up for the profit taking observed, especially in banks.

The benchmark of the Greek stock market recorded a new four-month high on Thursday thanks primarily to the advance by bank stocks, which continued to rise as a solution concerning the protection of debtors' main residences appears to be near.