ATHEX: Recovery of stocks needs more support

The steady recovery of prices at the Greek bourse noted last week did not continue on Monday, as Athinon Avenue experienced a small decline on rather low daily turnover. While very few had expected an S&P rating upgrade for Greece last Friday, which has now been put off till spring, the mood in the market points to the necessity of a strong push through some significant corporate deal or a state initiative if the benchmark is to escape the 1,400-1,450-point bracket.

The Athens Exchange (ATHEX) general index closed at 1,438.72 points, shedding 0.34% from Friday's 1,443.57 points. The large-cap FTSE-25 index contracted 0.47%, ending at 3,503.08 points, though mid-caps expanded 0.17%.

The banks index declined 0.95%, as Eurobank fell 2.33%, Alpha gave up 1.80% and National eased 0.35%, while Piraeus advanced 0.21%. Lamda Development dropped 1.88% and ElvalHalcor lost 1.39...