Most stocks on the local bourse suffered significant losses on Monday, reversing the upward trajectory created by four consecutive sessions of gains last week.

The Athens Exchange (ATHEX) general index closed at 1,026.81 points, shedding 1.72 percent from Friday’s 1,044.76 points. The large-cap FTSE/ATHEX-25 index shrunk by 1.68 percent, ending at 344.57 points.

Some observers warn that the euphoria witnessed on the Greek bourse in recent months was due to the huge liquidity injections into the international system by all major central banks, without this cash flow finding its way into the real economy. Instead, the cash has been pumped back into the markets rather than being used to support business activity.

Contributing to the downbeat ATHEX mood on Monday was a National Bank statement hinting that Eurobank shareholders who have not taken up its offer might get fewer National shares than those who have agreed.

National gave up 1.45 percent and Eurobank lost 1.09 percent, while Viohalco fell 4.26 percent. Bank of Cyprus grew by 4.55 percent in the aftermath of the Cypriot presidential election.

In total 63 stocks went up, 100 came down and 23 remained unchanged.

Turnover amounted to 49 million euros, down from Friday’s 66 million.