Greek banks recorded cumulative losses of 10.75% for the week, while the interest of the market focuses on the colourful developments regarding the rollover of Greek debt, ECB’s strict opposition and the rigid attitude of the rating agencies.
The attention is now turned on the Eurogroup meeting on Monday, and the announcement of results of bank stress tests next Friday.
Market analysts comment that nervous and wide fluctuations, combined with low trading volume would probably continue to be the market’s main characteristics in the coming week, while the technical picture on the board remains critical.
The downgrade of Portugal’s ratings and the procrastination in decision making for the rollover or restructuring of Greek debt have triggered selling pressures in the domestic markets, said Pegasus Securities in a weekly report.
The domestic market failed once again to move aligned with the positive international climate, thus is lost the initially upward momentum after the adoption of the medium-term fiscal plan, Pegasus noted.
On the board, the General Index ended at 1,251.10 units with losses of 1.04%, moving in negative territory throughout the trading session. Intraday losses reached 1.53%. The General Index recorded cumulative losses of 4.39% for week, with five consecutive declining sessions.
On Friday, approximately 22.35 million units worth €66.69 million were traded, while a total amount of 78 shares declined, 46 rose and 156 remained unchanged.
Banks declined by 3.03% at 918.81 units, close to session low, while cumulative losses for week amounted to 10.75%. Only Bank of Cyprus remained unchanged, while ATEbank fell by 8%. Piraeus Bank, Alpha Bank, Eurobank, Marfin Popular and National Bank lost more than 3%.
More: CAPITAL
