FTSE

After another impasse at Monday's Euro Working Group, the Athens bourse shook off the pressure on bank stocks on Tuesday, with the majority of stocks and the benchmark heading higher on a day of healthy turnover.

An unexpectedly aggressive selling spree by holders of bank stocks on Friday inflicted the heaviest daily selloff in the credit sector in over four months. The impact on the rest of the market was significant as there was hardly any reaction among non-bank stocks.

Another mixed day at the Greek bourse on Thursday saw the majority of stocks head south while most main indexes ended up with gains in a session of increased trading volume thanks to several prearranged transactions.

Stocks at the Greek bourse had a mixed day on Wednesday, with investors awaiting developments on the framework for the protection of defaulters' primary residences. Bank stocks weighed on the benchmark, although it still ended up in positive territory.

After five days of gains and the buying fatigue recorded late on Monday, stocks at Athinon Avenue recorded notable losses on Tuesday, bucking the trend seen on other eurozone markets, with turnover remaining low. The next couple of days will determine the direction of the market up to the end of the month.

The bourse benchmark at Athinon Avenue headed higher for a fifth session in a row on Monday, although it appeared to have run out of steam as it closed some way below its day-high and trading volume left a lot to be desired. The majority of stocks ended up in the red, too.

The positive mood at the local bourse showed no signs of flagging on Friday and the benchmark rose in line with the rest of the eurozone. It was another positive day for blue chips, which were boosted by the prospects of a more stable government after this year's general election - now that the obstacle of a snap poll for the election of a new president in 2020 is out of the way.

Stock prices continued their advance on Thursday at Athinon Avenue as buying interest remained strong, helping the market's main index register a six-month high, while turnover climbed to its highest in eight sessions.

There were across-the-board gains at the Athens bourse on Wednesday, led by Public Power Corporation and banks, while trading volume appears to be growing by the day in a clear sign that something is changing in the market that a few years ago was relegated from developed to developing.

The government's scolding by the International Monetary Fund and the Eurogroup at the start of the week came as no surprise to local investors, who set the Greek stock market back on the rising course of the last couple of months on Tuesday, taking the benchmark back above the psychologically important 700-point level.