Greek market maintained a wait-and-see stance on Thursday, ahead of tomorrow’s European Summit in Brussels.
In a weak trading session, the General Index ended with minor profits, while the performance of PPC stood out across FTSE20, in the wake of the new Environment Ministry law bill that grants a stake of up to 49% of electricity transmission network to private companies.
Analysts note that the continuance of the short-term downward momentum depends on the resolutions of the Extraordinary European Summit. They comment that a disappointing outcome could drag the General Index even lower.
However, a positive development or encouraging news for the next Summit late March, could lead the market to an upward reaction.
In any case, Greek market is undergoing a period of risk avoidance and reduced participation by investors that triggers volatility.
"There is a high level of uncertainty over EU political developments so there is no firm direction and only range bound volatile trading," Panagiotis Kladis, senior analyst at National Securities told Dow Jones Newswires.
"On Wednesday the market made up some of the steep losses post the Moody΄s sovereign downgrade, so now all eyes are on Friday΄s euro-zone summit for indications of a comprehensive solution the periphery debt crisis," he added.
Across the board, the General Index ended at 1544.88 points, up 0.25% after a fluctuation in a margin of 25 units or 1.62%. Approximately 26.77mn units worth EUR 75.08mn were traded on Thursday. A total amount of 70 shares rose, 86 declined and 128 remained unchanged.
Banks moved in an intensively fluctuating mood, recovering from early losses of 2.22%. Bank of Cyprus and Hellenic Postbank stood out, with gains of 2.67% and 2.19% respectively, while Eurobank, Marfin Popular Bank and National Bank followed, gaining 1.56%, 1.15% and 0.48% respectively.
In a weak trading session, the General Index ended with minor profits, while the performance of PPC stood out across FTSE20, in the wake of the new Environment Ministry law bill that grants a stake of up to 49% of electricity transmission network to private companies.
Analysts note that the continuance of the short-term downward momentum depends on the resolutions of the Extraordinary European Summit. They comment that a disappointing outcome could drag the General Index even lower.
However, a positive development or encouraging news for the next Summit late March, could lead the market to an upward reaction.
In any case, Greek market is undergoing a period of risk avoidance and reduced participation by investors that triggers volatility.
"There is a high level of uncertainty over EU political developments so there is no firm direction and only range bound volatile trading," Panagiotis Kladis, senior analyst at National Securities told Dow Jones Newswires.
"On Wednesday the market made up some of the steep losses post the Moody΄s sovereign downgrade, so now all eyes are on Friday΄s euro-zone summit for indications of a comprehensive solution the periphery debt crisis," he added.
Across the board, the General Index ended at 1544.88 points, up 0.25% after a fluctuation in a margin of 25 units or 1.62%. Approximately 26.77mn units worth EUR 75.08mn were traded on Thursday. A total amount of 70 shares rose, 86 declined and 128 remained unchanged.
Banks moved in an intensively fluctuating mood, recovering from early losses of 2.22%. Bank of Cyprus and Hellenic Postbank stood out, with gains of 2.67% and 2.19% respectively, while Eurobank, Marfin Popular Bank and National Bank followed, gaining 1.56%, 1.15% and 0.48% respectively.
