Viohalco

The flexibility that the credit sector has secured from the European Central Bank and the reserved optimism that the restriction measures in Greece are bearing fruit, amid more handout pledges by the government, saw the local stock market head higher on Monday in a relatively calm environment for global securities.

The failure of Thursday's European Union summit to reach an agreement on the issue of extraordinary bonds, dubbed "corona bonds," and the temptation to cash in gains recorded on Tuesday and Thursday led the benchmark of the Greek bourse back down to the 550-point level on Friday.

Monday's session at the Greek bourse was short and sour for stocks. The start was delayed by over four hours due to technical problems in data transmission, and the benchmark suffered major losses in the three-and-a-half hours of trade (an hour's extension was granted), with banks once again enduring most of the pressure.

The Greek bourse went back into a downward spiral on Thursday, as domestic and international concerns over the novel coronavirus epidemic spread faster than the disease itself.

The Greek bourse completed its worst week since 2014 as its benchmark index slumped 19.34 percent due to concerns over the impact of the coronavirus outbreak on the economy. The decline continued unabated at Athinon Avenue, once again led by the banks index.

Stocks in the Greek bourse were once again swayed by banks that dragged the market lower on Tuesday, accelerating the benchmark's decline toward the 900-point mark.

The Athens Exchange (ATHEX) general index ended at 911.82 points, shedding 0.86 percent from Monday's 919.77 points. The large-cap FTSE 25 index contracted 0.95 percent to 2,291.80 points.

Greek stocks suffered a significant drop on Friday, wiping out almost all the gains registered by the bourse benchmark over the course of the week. The decline was led by the banks index, which posted a 4.42 percent weekly loss.

After six straight days of losses Greek stocks rebounded on Tuesday with non-banking blue chips showing the way for the rest of the market on rather satisfactory turnover. The rest of the week will reveal whether this was a mere reaction to the long period of decline or if the benchmark has bottomed out in terms of coronavirus worries.

The Greek bourse saw another day of mild gains on Thursday despite the drop in buyers' interest. Rising stocks outnumbered the losers two-to-one and the benchmark inched higher once again, shaking off the impact of the OPAP dividend cut.

The banks index at Athinon Avenue staged a 2.74 percent rebound on Thursday, leading the benchmark of the Greek bourse back up to 926 points on turnover of more than 100 million euros.

The Athens Exchange (ATHEX) general index ended at 926.06 points, adding 1.30 percent to Wednesday's 914.17 points. The large-cap FTSE 25 index expanded 1.22 percent to 2,308.07 points.