Momentum drags bourse further down

The bourse benchmark contained its mid-day losses of over 1.1 percent to end its third consecutive session of decline losing no more than just 0.10 percent on Wednesday, while turnover went back down to disappointing levels.

The Athens Exchange (ATHEX) general index ended at 1,194.78 points, from Tuesday’s 1,195.96 points. The large-cap FTSE/ATHEX 25 index contracted 0.09 percent to close at 383.86 points, while mid-caps actually expanded by 0.05 percent.

The declining momentum has been contained though it would be too much to expect August to reverse the trend, even if Moody’s upgrades Greece’s sovereign credit rating tomorrow. The September inspection by Greece’s creditors and the risk of a possible snap election still weigh heavily on investors’ minds.

Motor Oil outperformed adding 1.10 percent and Coca-Cola HBC climbed 0.96 percent, but METKA contracted 2.12 percent, Terna Energy gave up 2.01 percent and National Bank dropped 1.59 percent.

In total 50 stocks registered gains, 53 recorded a decline and 21 remained unchanged.

Turnover amounted to 67.7 million euros, compared with Tuesday’s 81.3 million.