Ellaktor

An unexpectedly aggressive selling spree by holders of bank stocks on Friday inflicted the heaviest daily selloff in the credit sector in over four months. The impact on the rest of the market was significant as there was hardly any reaction among non-bank stocks.

The bourse benchmark at Athinon Avenue headed higher for a fifth session in a row on Monday, although it appeared to have run out of steam as it closed some way below its day-high and trading volume left a lot to be desired. The majority of stocks ended up in the red, too.

There were across-the-board gains at the Athens bourse on Wednesday, led by Public Power Corporation and banks, while trading volume appears to be growing by the day in a clear sign that something is changing in the market that a few years ago was relegated from developed to developing.

After rising in early trade, Greek stocks headed lower on Monday - although not below the psychologically significant 700-point level - as investors banked profits following a series of northbound sessions. The market is also seen to be saving its liquidity for Greece's 10-year bond issue, as well as Aegean Air's corporate bond.

With the criticism contained in the government's conduct report by the European Commission already priced in, stocks at Athinon Avenue spent most of Wednesday in the red before banks saved the day for the benchmark, helping it to close with minor gains. Turnover continued to shrink.

The benchmark of the Greek stock market recorded a new four-month high on Thursday thanks primarily to the advance by bank stocks, which continued to rise as a solution concerning the protection of debtors' main residences appears to be near.

Greek stocks presented a mixed picture after Wednesday's session, as a slight majority of stocks as well as the mid-cap and small-cap indexes headed lower, but the benchmark and blue chips continued to rise.

Stock prices at Athinon Avenue went from losses to gains over the course of Monday's session as the few active investors continue to believe the local bourse is underpriced after the successful bond issue a week ago. This helped the benchmark climb to a two-month high, even though that was on particularly low turnover.

The benchmark of the Greek stock market closed at the day's low on Wednesday but still managed to hold on to a sliver of gains in the face of the blue chip index's marginal slide as mid-caps propped up the market. Turnover was the highest so far this week.

The benchmark of the Greek stock market posted gains for the sixth session in a row on Friday, albeit fairly small and on very thin turnover.