The local bourse’s fourth consecutive day of losses, albeit relatively small, wiped out all of the benchmark’s gains since the start of the year on Tuesday.
The main index is now 0.16 percent worse off than on January 1, with observers noting that the valuation of a number of listed companies are not justified by the fundamentals.
The Athens Exchange (ATHEX) general index closed at 1,160.81 points, dropping 0.32 percent from Monday’s 1,164.59 points. The large-cap FTSE/ATHEX 25 contracted just 0.07 percent to close at 374.28 points, but mid-caps gave up 2.36 percent.
Traders cite the lack of cash in the market after it was all absorbed by the banks’ recent share capital increases. They also point to the absence of any news to send stocks higher as well as the political risk that this month’s local and European elections entail.
National Bank, the only blue chip to head north on Monday, was the worst off on Tuesday, shedding 4.94 percent. Folli Follie added 2.45 percent and Frigoglass expanded 2.07 percent.
In total 43 stocks recorded gains, 79 sustained losses and 22 ended unchanged.
Turnover amounted to 136.9 million euros, down from Monday’s 161.3 million.