Despite intraday losses, the Greek market resisted to the pressures created by Egyptian unrest and weighed negatively in foreign markets. The General Index posted marginal gains on Monday and continues to claim the level of 1600.
The performance of Viohalco and Mytilineos topped FTSE20, while shares of Eurobank and Alpha Bank contributed to the intraday gains of 2.55% for the banking sector.
"The relief rally that started from oversold levels, based on expectations of a speedy resolution to Greek debt problems, looks like its going to run out of steam soon," Vassilis Vlastrakis, head of analysis at Beta Securities told Dow Jones Newswires.
"International macros are not expected to be supportive and I think the Athens bourse is mature for a correction very soon”, he added.
According to Kyprou Securities, “verbal support towards the Euro by top-ranked European leaders and already recorded actual political determination in Greece to balance its financials makes us be really optimistic about confronting high Greek debt and fiscal weakness.”
It expects a long and bumpy road ahead to full recovery from the current crisis in Greece. “Short-term and mid-term course will be possibly determined by the day-to day performance of the Greek State and the speed the methods to solve the troubled EU member States debt crisis”, it added.
Across the board, the General Index ended at 1593.30 units, up 0.13% after a fluctuation of 38 units or 2.41%. Approximately 46.34mn units worth EUR114.07mn were traded on Monday, while a total amount of 102 shares rose, 69 declined and 113 remained unchanged.
Banks gained 0.81%, ending at 1384.24. Alpha Bank and Eurobank rose by 1.9%, while National Bank and Piraeus Bank gained 1.29% and 1.22 respectively.
Titan declined the most since May due to its high exposure to Egypt, posting losses of 4.2%
source: capital
