Greek stocks fell for a second day in a volatile session yesterday, led by National Bank, the nation’s biggest.

The Athens Exchange (ATHEX) benchmark index ended 1.2 percent lower, at 4,253.25 points, after recovering from the session’s low of 4,046.88. Forty-one of its 60 constituent shares fell, 12 gained and seven were unchanged. The exchange extended its decline from last year’s high on October 31 to 20 percent yesterday, a common definition of a bear market. The FTSE/ATHEX 20 index of the country’s largest companies declined 1.1 percent to 2,268.02 points.

National Bank lost 2.9 percent, to –39.60. OTE, the country’s biggest phone company, fell 3.3 percent, to –20.76. The two companies accounted for a combined –436.6 million in turnover. Intralot slumped 9.1 percent and Motor Oil shed 3.28 percent.

Hellenic Technodomiki added 1 percent. The country’s biggest builder said it will activate its share buyback plan tomorrow.

The Public Power Corporation (PPC) gained 3.6 percent, to –29. Greece’s biggest electricity producer rose after analysts at Goldman, Sachs & Co raised their recommendation on the shares to “neutral” from “sell.” The stock has lost 19 percent so far this year after rallying 88 percent in 2007, the best performance of Greece’s 20 biggest companies. (Bloomberg, Kathimerini)