FTSE

Stock prices continued to decline on Tuesday at Athinon Avenue, with the benchmark and the banks index both ending lower for a third day in a row, as the lack of confidence in the local economy prevailed over Fitch's positive outlook for the Greek banking sector.

The negative mood among domestic and foreign investors alike saw Greek stocks posting fresh losses at the start of the week, with the decline accelerating when European bourses headed south. The rather unexpected jump in Greek bond yields also contributed toward the stock drop.

The outlook following Friday's session at Athinon Avenue, which traders were watching carefully to get an idea of how the market would fare in the weeks ahead, was not rosy, as the benchmark headed south. The chances of a year-end rally have therefore been ruled out, and 2018 is expected to end in negative territory.

Friday's trading session at Athinon Avenue is seen as technically significant for the future of the local stock market, not only up until the end of the year but also the first few days of January, as it is expected to illustrate whether it has a real chance of recovery - following Thursday's meager gains - or if it will continue to be characterized by shallow trade with negative features owing

The Greek stock market managed to hang on to its morning gains and bring an end to its six-day losing streak yesterday, with the benchmark ending the session near its day high. However, low turnover and the general weakness in investor moves suggested that Wednesday's rise was merely technical rather than anything substantial.

Greek stocks lost all the gains registered earlier in the day and then some, completing a sixth consecutive southbound session for the benchmark at Athinon Avenue on Tuesday.

Greek stocks slipped on Monday for the fifth session in a row, suggesting that the previous Monday's major gains were a mere blip. Turnover was particularly low, pointing to the unlikelihood of a year-end rally, given that there are only 12 sessions left to go in 2018.

Banks stock losses weighed on the Greek benchmark on Friday, as the main index headed south for the fourth day in a row. Some key blue chips held their ground, helping to contain the drop, but the benchmark still closed at the day's low, mainly affected by developments in Europe and the US.

Thursday's drop at the Athens stock exchange (ATHEX) was quite tame compared to losses recorded in most other European markets - and considering the slide in Greek bond prices.

The ATHEX general index ended at 652.04 points, shedding 0.74 percent from Wednesday's 656.92 points. The large-cap FTSE-25 index contracted 0.92 percent to 1,705.11 points.

The Greek stock market succumbed to pressure early on Wednesday but eventually narrowed its morning losses almost down to zero by the close.

The Athens Exchange (ATHEX) general index ended at 656.92 points, down less than 0.01 percent from Tuesday's 656.96 points. The large-cap FTSE-25 index contracted 0.39 percent to 1,720.96 points, while the mid-cap index expanded 0.46 percent.