As signs had shown on Monday, stocks on the Greek bourse confirmed on Tuesday that they have run out of steam - at least for the short term - suffering sizeable losses as the benchmark fell from a 28-month high. The quality of the drop points to it being more than a mere correction after the recent gains.
The Greek bourse's benchmark may have notched up more gains at the start of the week to reach a fresh 28-month high, but the hesitant investor moves throughout the day and the relatively low trading volume point to the market waiting for news about a bond issue by Athens and the likelihood that the recent rally may have come to an end.
A rise in bank stocks helped buoy the benchmark and the majority of stocks on the local bourse on Monday, but trading action continued its decline.
The Athens Exchange (ATHEX) general index closed at 843.83 points, a new 26-month high, adding 0.76 percent to Friday's 837.43 points. The large-cap FTSE-26 index expanded 0.58 percent to 2,182.42 points.
Mid-caps headlined Monday's bourse session at Athinon Avenue as the normally less popular part of the market is offering major opportunities to the discerning eye now that uncertainty regarding ther Greek economy has diminished after the agreement with the country's creditors. This has taken the benchmark of the market to a new 25-month high.