The General Index of ASE failed to hang on positive ground, as it slid for a ninth consecutive session, burdened by the unclear developments regarding the second bailout program to Greece. Banks moved nervously ahead of the European stress test results.
The trading opened in negative territory, with the General Index declining by 1.50%, while the turnover was very thin once more. The downgrade of Greece’s sovereign rating by Fitch and Moody’s threat to downgrade U.S. rating weighed on the climate.
Information about the EU Summit which would agree on the terms of the new aid package to Greece is confusing, while German chancellor Angela Merkel stated that European leaders should prepare first to approve the package before EU holds a summit.
Bank stress results are expected tomorrow, with Dow Jones Newswires reporting that Greek and Cypriot banks would pass the tests, while only ATEBank is likely to fail.
Market analysts estimate that the political situation is so fluid that developments could occur anytime and determine the short-trend of the market, while everything depends on the European leaders’ decisions in tackling the debt crisis.
“A solution that would satisfy all sides to some extent, is the most likely scenario”, an analyst told Capital.gr. He also stressed that the recent negative news flow creates a climate of intense concern.
On the board, the General Index ended at 1,188.19 units with marginal losses of 0.18%. On Thursday, approximately 31.4 million units worth €74.2 million traded, while a total amount of 80 shares declined, 47 rose and 153 remained unchanged.
Banks moved nervously with intraday losses of 3.60%. However, they rebounded with profits of 0.86% but finally ended in red, with losses of 1.13% at 810.21 units. ATEBank jumped by 4.69% at €0.67, while Proton Bank rose by 2.08% at €0.49.
On the other hand, Marfin Popular Bank fell by 6% at €0.47, while TT Hellenic Postbank and Bank of Cyprus lost more than 4%.
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