Bull trap snares morning stock buyers in Athens

Morning buyers turned into afternoon sellers at the Greek bourse on Wednesday, as the benchmark swung from gains of 2.96 percent to losses of nearly 1 percent, in line with most other stock markets on the continent.

The impact of a Turkish decision to hike interest rates in aid of the lira wore off quickly, failing to prevent a fourth consecutive day of losses for the domestic market’s main index.

The Athens Exchange (ATHEX) general index closed at 1,126.35 points, contracting 0.93 percent from Tuesday’s 1,136.97 points.

The large-cap FTSE/ATHEX 25 declined 1.13 percent to 370.11 points, but small-caps posted marginal gains of 0.09 percent.

Piraeus Port Authority and OTE telecom outperformed, adding 1.65 percent and 1.61 percent respectively, while Frigoglass fell 4.71 percent and Folli Follie gave up 3.93 percent.

Stocks were split down the middle, as 67 headed north and 67 declined while 17 remained unchanged. Turnover amounted to 83.9 million euros, up from Tuesday’s 79.6 million.