Mytilineos

Bank stocks fell to new lows on Monday, with their index reaching levels unseen since February 2016. The benchmark of the Greek bourse continued to sink closer to the 600-point mark, which is seen as the last line of defense before a more extensive selling spree.

Europe-wide concerns at the looming prospect of a British exit from the European Union without a prior agreement on terms have been affecting local stocks all week, and Friday was no exception, while the continuing sell-off of shares in the three banks that will exit the MSCI Standard index has taken the banks index down to a new 33-month low.

Buyers enjoyed a second day of dominance at Athinon Avenue on Wednesday, bolstered by the upward swing of stock exchanges in Europe and the US, and the recovery of Greek bond prices. The low turnover points to a temporary northward trend, though.

Athens-listed group Mytilineos continued along the same course in the third quarter as it did in the first half of the year: On Tuesday it reported net profits of 117.7 million euros in the year to end-September, against 95.2 million euros a year earlier, up 23.6 percent.

Greek stocks presented a mixed picture on Thursday: The majority headed south but the banks index headed higher, helping the benchmark to end the rather volatile session in positive territory. The main index only held on to a fraction of the gains recorded earlier in the day.

Bank stocks recovered most of their Wednesday losses on Thursday, leading the benchmark to notable gains, although this appears to be a technical reaction rather than a real change of heart by investors. The rise in bond yields also indicated that confidence in Greece has yet to be restored.

Trader disappointment on Monday over Moody's decision not to issue its verdict on the Greek economy last Friday, amid the general negative mood in markets due to the mutual tariffs on US and Chinese goods, put fresh pressure on most local stocks, with the low turnover mirroring investor reluctance.

The continued recovery of bank stocks proved enough to keep the benchmark afloat in what was otherwise a day of losses for the majority of stocks at the start of the week. Monday's session picked up from where Friday's had left off, with many blue chips and most mid-caps ending in the red, although trading volume was significantly lower.

Bank stocks dragged the Greek benchmark down with them yet again on Thursday at Athinon Avenue, as credit sector stocks' southbound course since the banks published their second-quarter results continues unabated - and this time the turnover was higher.

The three consortiums bidding for the construction project of the fourth Athens metro line have been short-listed for the second stage of the tender. The three suitors have been asked to table their financial and technical offers by December 10, so that the selection process for the biggest public works project of the next decade can begin.