Greek stocks held their ground on Monday as early losses gave way to a late surge that offset the selling action and left the benchmark virtually unchanged at the beginning of the trading week. The low turnover pointed to the wait-and-see stance adopted by larger portfolios, while bond yields have started to edge higher.
The banks index at Athinon Avenue enjoyed a second consecutive day of gains in excess of 4 percent on Friday, building not only on the advance of the Heracles plan for the securitization of bad loans, but also on the upward momentum observed in foreign stock markets. That also led to the benchmark attaining growth just shy of 2 percent.
The prospect of Greece reopening its 10-year bond issued in March appeared to have seized the attention of most traders on the Greek stock market on Monday, with observers getting the distinct impression they were saving their cash for the reissue that is expected to fetch 1.5 billion euros on Tuesday.
The main index of the Greek stock market continued to slide for a fourth consecutive day on Thursday, though not as dramatically as Wednesday's 3 percent drop. The morning's brief reaction to three days of losses gave way to another selling spree later in the day, leading the benchmark close to the 820-point mark.
Stocks continued to decline on Tuesday at Athinon Avenue, as pressure grew, mainly on bank stocks, before easing during the closing auctions.
The Athens Exchange (ATHEX) general index ended at 861.50 points, shedding 0.80 percent from Monday's 868.42 points. The large-cap FTSE 25 index contracted 0.79 percent to 2,139.95 points, while small-caps increased 0.22 percent.