Ellaktor

Signs displayed by some stocks that there might be a rebound of the Greek bourse on Thursday proved to be short-lived, with the benchmark reverting to red and staying there up to the session's closing, before Friday's closure for the month, the MSCI index restructuring and the verdict by Fitch on the Greek credit rating.

The Athens bourse on Wednesday remained on the downward course it started on Tuesday, coming off Monday's 13-year highs. This was in line with the negative mood in the rest of the eurozone's stock markets. Trading was dominated by the share packages of the Mytilineos group (just over 5% of its shares ahead of its London listing to come) that sent turnover soaring on the day.

The Greek stock market took a step back on Tuesday after its Monday rally that had seen it register a new 13-year record high for its benchmark above 1,500 points. Non-bank blue chips appeared to suffer most of the pressure, while banks and the industrial stocks of the Viohalco group fared comparatively better on the day, which also saw increased turnover.

The moderate cashing-in of profits that followed last week's notable rise saw the main index of the Greek stock market come off its 13-year highs of last Friday and settle for contained losses upon closing on Monday. Banks reined in the decline, as did some non-banking blue chips, while turnover returned to its usual level after last week's jump.

The benchmark at Athinon Avenue continued its growth on Friday with yet another 13-year record, bolstered by banks and certain other blue chips. However, the trading volume was significantly reduced from Thursday, with turnover dropping to the lowest level of the last 10 sessions.

The deal for Epsilon Net boosted not only the information technology sector but also the entire stock market at Athinon Avenue on Friday, leading to a new 13-year high at the end of a week of significant growth across the board. The advance was also fueled by the rise in foreign markets, and has signs of being sustained for the time being.

The benchmark of the Greek stock market came off Wednesday's 13-year high to show notable losses on Thursday, closing at the day's low too. The Athens market continues to anticipate corporate news such as mergers and acquisitions and was predictably in profit-taking mood on the back of six consecutive sessions of gains for the main index.

The benchmark of the Greek stock market on Tuesday built on the momentum from the previous sessions and climbed to a new 13-year high. Far from being concerned about the European elections or the domestic politics and finance, traders are keeping an eye on prospective mergers and acquisitions, while the anticipation and excitement sent the daily turnover soaring.

The Greek stock market accelerated its growth on Monday, with its benchmark posting gains of almost 2% on the back of growth from most blue chips, including the banks, and despite the rather modest daily turnover. This has taken the main index safely above the 1,400-point mark, after a daily rise unseen in almost five months.

Concerns over a possible expansion of the war in the Middle East, with the involvement of Iran, weighed on the Greek stock market, inflicting losses on the benchmark on Friday. Even so, the index narrowly maintained the 1,400-point level and got to close the week with net growth, with turnover also rebounding.