The benchmark of the Greek stock market contained its weekly losses on Friday, but failed to avert its first week in the red after three weeks of gains. Friday's Eurogroup offered traders nothing new in the way of fresh momentum, as it is a widely shared view that the primary surplus targets can only be tweaked after 2020, as European Stability Mechanism head Klaus Regling conceded.
Unimpressed by the announcements of European Central Bank President Mario Draghi, traders on the Greek bourse put fresh pressure on stock prices on Thursday, with banks ending the rising course observed over the previous couple of days, in line with most other European markets. The local market appears unhappy with the various announcements about share capital increases.
The benchmark of the Greek bourse jumped 20 points on Thursday after a sudden buying spree by traders that saw banks earn almost 4 percent. The favorable climate on foreign markets and the continuing decline of Greek bond yields appear to have convinced investors to buy back into local stocks again.
The rise recorded by Greek bank stocks on Wednesday was largely offset by the decline of most non-bank blue chips, leaving the benchmark of the Athens bourse virtually unchanged and the stock board split between winners and losers. However, market observers were quite encouraged by the improvement in trading volume.
Fresh pressure on bank stocks inflicted losses on the benchmark of the Greek stock market on Tuesday, while trading volume remained sluggish.
The Athens Exchange (ATHEX) general index closed at 853.89 points, shedding 0.77 percent from Monday's 860.51 points. The large-cap FTSE-25 index contracted 0.64 percent to end at 2,107.21 points.