A late rally of bank stocks and a few other blue chips offset the losses the benchmark had incurred during most of Wednesday's session to end in the green, although losers outnumbered climbers. Reports of convergence between government ministers and creditors' representatives in Brussels played a major part in that late surge.
Reports that Monday's Eurogroup had ended without any news of progress in the negotiations between Athens and its creditors inflicted a late blow on the Greek bourse benchmark yesterday, with the impact felt mostly by bank stocks. In fact the majority of stocks remained in the green on closing, unaffected by the concerns mainly coming from foreign investors.
Investors in the local bourse were clearly nervous on Tuesday - largely due to the increase in Greek lenders' dependence on the Bank of Greece's emergency liquidity mechanism, as well as Single Supervisory Mechanism head Daniele Nouy's visit to Athens - and this resulted in significant losses for the vast majority of stocks at Athinon Avenue, with banks leading the way.
It may sound paradoxical, but it took a particularly quiet session at the Greek stock market for the benchmark to top 650 points on Monday, after days of trying. Trading volume was the second lowest so far this year, with some observers attributing it to the planned bond offer by OPAP that may shift some investors' attention away from the bourse.
Apart from the general air of uncertainty, little could be drawn from Friday's session at the Greek bourse as the benchmark barely budged and turnover dropped back below 30 million euros. The distance that remains between Athens and the country's creditors on a number of issues does not bode well for next week either.