The week ended bitterly for the investors, with only one upward meeting and weak trading activity. The General Index recorded cumulative losses of 6.09% for the week, while banks’ losses reached 9.57%.
Medium-term fiscal program remains a “thorn” for the domestic market, as there still pending issues, while political complications lurk in the process of voting in the House.
At the same time, despite the consecutive statements by European officials, the picture of regarding the release of the fifth instalment of the loan to Greece or the possibility of an new aid package to the country is still blur.
The German parliament approved on Friday a possible future aid package to Greece, under the participation of both the International Monetary Fund and the private bondholders. Moreover, the President of the European Council, Herman Van Rompuy expressed his confidence that the new aid package to Greece will be agreed in late June, while EU representative Amadeu Altafaj Tardio stated that there is no agreement in principle on a new aid to Greece.
Market analysts comment that a change in the short-term trend of the market should not be anticipated, as long as the adoption of specific decisions is still pending, highlighting the importance of these decisions, as the only catalyst to provide a substantial positive impact on the Greek market.
In this context, volatility is expected to continue in the market, particularly in the banking sector, with the risk on the downside.
Across the board, the General Index ended at 1,252.38 units, with losses of 0.81%, after a fluctuation into a margin of 28 units or 2.25%, despite early profits of 1.30%. Approximately 24.19 million units worth €74.07 million (with €21.56 million in pre-agreed trade) were traded on Friday, while a total amount of 70 shares declined, 49 rose and 161 remained unchanged.
Banks closed at session’s low, at 937.47 units, with losses of 2.04%. Only Marfin Popular Bank (+1.61%) and Attica Bank (+1.33%) ended in positive territory, while Piraeus Bank and Proton Bank remained unchanged. On the other hand, ATEbank and Alpha Bank fell by 34.31% and 3.67% respectively.
MIG and Ellaktor topped FTSE20, recording gains of 3.39% and 2.19% respectively. Mytilineos and OPAP moved downwards by 1.63% and 0.87% respectively.
CAPITAL
