The Athens market was forced into losses for a fourth consecutive
session on Monday, pending announcements of the new fiscal measures by the cabinet and amid losses in European Indices.
The downgrade of Greece’s credit ratings by Fitch on Friday, elections in Spain and S&P’s decision to downgrade Italy’s outlook, a rating action that refueled the debate on a possible contagion of debt crisis, prepossessed in a new declining session.
The trading activity remained unchanged from the recent sessions, with low volumes, intense pressures on banks and new 14-year lows for shares and indices.
PPC, Hellenic Postbank and Thessaloniki Port topped FTSE20 and General Index, ahead of the privatization program. However, it is indicative that with the exception of Hellenic Postbank and unchanged Attica Bank and Marfin Popular Bank, Greek banks ended in negative territory.
Market analysts expect nervousness to maintain in the near future, as the market would be called to evaluate the measures announced by the Greek government. Shares directly involved in the privatization program are expected to benefit.
The market was struggling today and we saw some key blue chips fail to see support at key levels," a local analyst told Dow Jones Newswires. "Meanwhile, everyone is waiting for a clear policy message from the government”, he added.
Across the board, the General Index ended at 1,280.10 units, down 1.33%, moving in negative territory throughout the trading session. Approximately 23 million units worth €74.3 million were traded on Monday, while a total amount of 100 shares declined, 153 remained unchanged and 29 rose.
Banks ended at 937.50 units, down 2.05%. ATEbank fell by 5.88%, while National Bank and Bank of Cyprus declined by 3.00% and 2.78% respectively. Piraeus Bank, Alpha Bank and Eurobank posted losses of 1.94%, 1.48% and 1.24% respectively.
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