Hellenic Exchanges

A positive start to the week's final session in the Athens stock market gave way to a moderate decline in the majority of stocks later in the day, extending the week's losses for the benchmark, as trading volume remained disappointingly low for one more day.

Apparently still in holiday mode, the Greek stock market had a mixed performance on Wednesday, with very thin trading, minor gains for the benchmark, robust growth for banks and a high number of losers - almost on a par with gainers. Traders appear reserved ahead of decisions on Greece expected from the International Monetary Fund.

The Greek bourse benchmark climbed to a new 17-month high on Wednesday - albeit on low trading volume - with investors apparently positioning themselves ahead of next month's likely conclusion of the bailout review, when they will be able to cash in their gains of the last few weeks.

Unless they've been keeping a record of their electronic transactions that count toward this year's tax discount, most Greeks won't know if they'll have to pay the taxman more or get a rebate until they are notified.

Blue chips bounced back on Monday afternoon to offset their morning losses and end the day with small gains. However, the majority of stocks ended in the red and turnover amounted to the lowest level in 15 sessions - pointing to investor caution.

Stocks on the Athens bourse had a rather quiet start to the week on Tuesday, the same day that talks resumed on the second bailout review, with expectations remaining low for now. Trading volume only increased somewhat during the closing auctions.

The Athens Exchange (ATHEX) general index closed at 645.88 points, adding 0.08 percent to Friday's 645.37 points.

Alpha, the Greek stock market's best performing bank in the last 12 months, led blue chips and the bourse benchmark to a third day of gains on Tuesday, although the second bailout review's eagerly awaited conclusion did not get any closer.

Unimpressed by the International Monetary Fund's statement on Greece, investors in Greek stocks shifted away from the usually dominant bank sector on Tuesday to focus on other blue chips and secure modest gains for the benchmark on improved turnover.

After three sessions with total benchmark losses of 7.4 percent, the Greek stock market headed north on Wednesday, although this was due to buyers taking advantage of the drop in prices rather than any significant fiscal or corporate developments. The rise in trading volume was quite encouraging.

It seemed the minds of most investors were elsewhere on Thursday judging by the performance of Greek stocks, which drifted slightly higher while turnover was the lowest in the last 12 weeks.

The Athens Exchange (ATHEX) general index closed at 636.67 points, adding 0.15 percent to Wednesday's 635.74 points.