Athens market could not put an end to the downward streak, as the General Index declined for a tenth consecutive session, although it moved in positive territory for the largest part of the meeting. Greek banks recorded cumulative losses of 13.5% for week, 18.7% for month.
The last time the General Index ended in green was on July 1, as the domestic market seems trapped in a atmosphere of uncertainty due to further postponement of decisions on the new bailout program to Greece and tackling European debt crisis. On Friday, the market focused on banks, which posted intraday profits of 2.14%m before ending with losses of 1.88, very close to session low, ahead of the announcement of stress test results. Liveliness was observed in the banking sector as Alpha Bank decided on a capital increase of €1b within the next twelve months and a bond loan issue. Moreover, Eurobank announced its intention to sell a majority stake of its Turkish subsidiary, while Piraeus Bank announced that Standard Chartered is interest in acquiring Piraeus Bank Egypt. So far, markets have a drop on politicians, Dimitris Tzanas, investment adviser at Proton Bank, told Capital.gr, referring to Europe’s delay to address the debt issue.
Dimitris Tzanas stressed that the major issue is to whether the European leaders decide on the details of the new package to Greece. “The challenge is to define the terms of the package and the profile of the new “transmutated” Europe” he said, adding that after the threat of the market to Italy, decisions should be substantial and comprehensive.
Germany and France must understand that the dissidence leads nowhere and must change their stance, said the adviser. “It’s leadership time”, he concluded.On the board, the General Index closed with losses of 0.95% at 1,176.88 units, despite intraday gains of 0.85%. On Friday, approximately 22.1 million units worth €60.96 million traded, while a total amount of 68 shares declined, 55 rose and 157 remained unchanged.Banks fell by 1.88% at 794.94 units. ATEBank recorded the heaviest losses (-14.93%) at €0.67, while its cumulative losses for week reached 38%. National Bank declined by 3.67% at €4.2, while Bank of Cyprus, Eurobank, Alpha and Piraeus Bank lost more than 1%. On the other hand, Marfin Popular Bank soared, posting profits of 4.26% at €0.49.
