Index

Non-bank blue chips including Lamda Development, OTE and OPAP buoyed the benchmark of the Greek stock market on Wednesday, which only posted marginal gains despite the increase in trading volume. While a fourth consecutive session of decline was averted, it appears that reaping gains from the bourse in the medium term will demand patience.

Having already factored in the disbursement of the 2.8-billion-euro bailout tranche announced on Tuesday, the Greek bourse benchmark continued to sink with most stocks heading south, as trading volume slipped below 20 million euros.

It was more of the same for Greek stocks on Monday, with the benchmark slipping further away from the 600-point mark and trading volume remaining below 30 million euros. It has become pretty clear by now that it will take concrete fiscal or corporate developments for the situation on the Greek bourse to change.

The benchmark of the Greek stock market has been lurching from gains to losses since October 12, so after Thursday's rise, Friday's fall came as no surprise. Understandably, investors haven't been impressed by the bourse's rudderless moves, resulting in trading volume sinking anew.

Action at the Greek bourse was focused on the message from the European Central Bank Governing Council meeting on Thursday, mainly to the benefit of bank stocks.

The Athens Exchange (ATHEX) general index closed at 595.90 points, adding 0.49 percent to Wednesday's 593.02 points. The large-cap FTSE 25 index rose 0.50 percent to end at 1,581.75 points.

After Tuesday's healthy gains, it was back to the old routine for Greek stocks on Wednesday, with a mixed picture among blue chips and trading volume slipping back below the 30-million-euro level.

Non-bank blue chips attracted significant buying interest on Tuesday, lifting the benchmark of the Greek bourse to a new 17-week high.

The rise was in line with other eurozone markets.

The Athens Exchange (ATHEX) general index closed at 593.83 points, adding 1.33 percent to Monday's 586.06 points.

The absence of any substantial developments in Greece resulted in local stocks heading south on Monday, in line with international markets. The benchmark did post a partial recovery in the afternoon, but not enough to make up for the earlier losses. Trading volume was very low.

Greek stocks staged a mini rally on Friday with the benchmark recording its biggest one-day rise in the last month-and-a-half, partly due to expectations that Moody's will raise the country's sovereign credit rating and partly thanks to the growth trend on European markets.

It took just a day of losses for the Greek bourse benchmark to see the gains earned in the previous four sessions wiped out.

The Athens Exchange (ATHEX) general index closed on Thursday at 576.58 points, shedding 1.65 percent from Wednesday's 586.24 points. The FTSE 25 index contracted 2.31 percent to end at 1,524.14 points.