Small losses on ever lower transactions

The national holiday in the US resulted in subdued action on the Greek bourse on Monday, showing how dependent the local market is on foreign investors. Turnover was particularly low while stocks posted a mixed picture as blue chips suffered small losses and mid-caps registered healthy gains.

The Athens Exchange (ATHEX) general index closed at 1,276.82 points, adding 0.68 percent to Friday’s 1,280.46 points. The large-cap FTSE/ATHEX 25 contracted 0.21 percent to 416.01 points, but the mid-cap index grew by 1.60 percent and small-caps by 0.72 percent.

The fact that the market has remained stuck in low trading volumes in recent days but without a slide in stock prices leads observers to the conclusion that investors are awaiting a piece of news to trigger a major benchmark rise, coming either from the political or the fiscal front.

Coca-Cola HBC climbed 2.32 to outperform its blue chip peer. Corinth Pipeworks (down 3 percent), OPAP (2 percent) and Motor Oil (1.88 percent) led the day’s losers.

In total 59 stocks enjoyed gains, 73 sustained losses and 26 remained unchanged.

Turnover amounted to 51.2 million euros, down from last Friday’s 55.9 million.