Benchmark’s 8-day rising streak comes to an end

Tuesday’s bourse session in Athens proved to be another bull trap for buyers, as after eight consecutive days of growth and clocking up early gains, stocks headed south to end the day in the red for the first time this month.

The Athens Exchange (ATHEX) general index closed at 1,246.03 points, shedding 1.12 percent from Monday’s 1,260.17 points. The large-cap FTSE/ATHEX 25 contracted 1.13 percent to 406.60 points.

Despite the recent growth streak, the market has clearly dropped a gear in anticipation of developments that will determine its future course.

Titan Cement and Alpha Bank outperformed, up 2.33 percent and 2.16 percent respectively, while Folli Follie slumped 4.28 percent, Terna Energy declined 4.13 percent and Piraeus Port Authority fell 4.03 percent.

In total 48 stocks posted gains, 89 suffered losses and 29 stayed unchanged.

Turnover amounted to 84.1 million euros, up from Monday’s 68.3 million.