Viohalco

A major slump in Greek bank stocks on Monday - exceeding 5 percent - illustrated that foreign portfolios are pulling out of the local market in droves.

The Athens Exchange (ATHEX) general index closed at 734.52 points, shedding 1.96 percent from Friday's 749.23 points. The large-cap FTSE-26 index contracted 1.77 percent to close at 1,940.51 points.

Investors engaged in reduced activity at the Greek bourse on Thursday, with trading volume dropping below 40 million euros, as they wait for developments on the fiscal and credit rating fronts.

The moderate decline of the Athens bourse benchmark on Wednesday was seen more as a spot of profit taking after three consecutive days of gains and less as an end to the growth course that is expected to continue ahead of the review of Greece's sovereign credit rating by Moody's and Prime Minister Alexis Tsipras's trip to the US next week.

Rising for a third session in as many days, the gains posted by the Greek bourse benchmark were more convincing on Tuesday, even though stocks were split between winners and losers and turnover remained low. Banks led the blue chip index higher, with traders expecting a sovereign credit rating upgrade by Moody's this Friday.

Greek bank stocks came under selling pressure on Monday as the possibility of the need for additional provisions looms large. While non-banking blue chips appeared at times as if they would manage to contain the benchmark's drop, the main index ended the first day of the trading week well in the red, with turnover failing to breach the 60-million-euro mark.

Another day of high volatility at the Greek stock market, following Tuesday's considerable ups and downs, saw the closing auctions decide that the majority of stocks would end up in the red on Wednesday, as did the bourse's benchmark.

Greek stocks took a tumble on Monday on the heels of the German election result and ahead of statements by ECB governor Mario Draghi about bringing forward a stress test for local banks.

The Athens Exchange (ATHEX) general index closed at 742.49 points, shedding 4.06 percent from Friday's 773.94 points. The large-cap FTSE-26 index contracted 4.35 percent to end at 1,956.85 points.

Monday was another mixed day for the Greek bourse. Stocks were split between winners and losers, the benchmark had some moderate gains but the banks' index was virtually unchanged, and mid-caps conceded some ground. The drop in turnover compared with three declining sessions last week shows that a likely return of sellers is on the way.

Bank stocks at the Athens Exchange (ATHEX) continued heading south at the end of the week, extending the weekly losses of the benchmark and taking it close to the 800-point mark, while also illustrating that the market was unimpressed by the hype over French President Emmanuel Macron's visit.

A late rally by bank stocks on the Athens bourse broke the credit sector's three-session slide on Tuesday, while most stocks registered moderate gains at the end of trade.