total turnover didn’t exceed €100mn in the wake of European Union summit in Brussels.
The financial results of domestic listed companies are still in focus, along with international developments, mainly in Libya and Japan.
Banks underperformed on Monday, as the sector index ended with losses of over 2%, while the performance of Titan, OTE and Coca-Cola 3E stood out across FTSE20. Public Power Corporation, which announced its financial results for 2010, bore the most pressure.
“Last week of 4Q10 results announcement, the market will most probably accumulate at current price levels, amid renewed concerns on Japan’s crisis”, said Marfin Analysis in its morning report.
The postponement of EU Summit decisions for June and revived worries about the Japanese nuclear accident do not benefit equities made Kyprou Securities cautious on Athens Exchange.
The absence of significant domestic positive catalysts, both corporate and sovereign, are anticipated to increase the market΄s weakness, as European leaders failed to reach into a final and solid agreement, commented Pegasus Analysis.
"The turnover was very low today and no one was taking any positions," a local trader told Dow Jones Newswires. "The market appears to be waiting for a sense of direction but it΄s not clear what that would be."
Across the board, the General Index ended at 1611.51 units, down 0.66%, after a fluctuation within a margin of 27 units. Approximately 20.55mn units worth €95.03mn were traded on Monday, while 86 shares declined, 67 rose and 130 remained unchanged.
Banks fell by 2.11%, at 1346.61 units, close to session’s low, with almost all banking shares in negative territory. The biggest drop was recorded by Proton Bank and ATEbank, with losses of 5.62% and 3.7% respectively, while National Bank Hellenic Postbank and Bank of Cyprus followed, losing 3.6%, 3.55% and 3.35% respectively. Piraeus, Alpha Bank and Eurobank posted losses of less than 1%, while Marfin Popular Bank remained unchanged at €0.91.
source: CAPITAL
