Local bourse gets a stress test of its own

A sixth consecutive day of decline on the Greek bourse on Monday inflicted significant losses on most stocks and the main index due to uncertainty over the results of banks’ stress tests generated by reports regarding requirements as high as 20 billion euros. Turnover remained low, as it has done for the past two weeks.

The Athens Exchange (ATHEX) general index closed at 1,219.43 points, shedding 2.44 percent from Friday’s 1,249.96 points. The large-cap FTSE/ATHEX 25 contracted by 2.90 percent to 394.73 points.

In spite of the clear declining trend in Monday’s trading, the most likely scenario for the coming days is one of high volatility as on the last day of the month investors are set to adjust their holdings to the new balance of the MSCI index that will apply from Monday, March 3.

All but three blue chips headed south, led by Eurobank Properties (down 5.98 percent), Folli Follie (5.95 percent) and National Bank (5.71 percent). EYDAP expanded 1.28 percent.

In total 35 stocks enjoyed gains, 104 recorded losses and 21 remained unchanged.

Turnover amounted to 58.1 million euros, up from last Friday’s 55.1 million.