ECONOMY

All eyes on stock market?s reaction to EU?s decisions

After a week marked by the country?s credit rating downgrade by Moody?s and expectations for good news from the eurozone summit last Friday, the focus is on the local bourse in order to weigh the market?s reaction to decisions in Brussels.

The Athens Exchange (ATHEX) general index closed on Friday at 1,585.85 points, down by 0.31 percent from the previous week?s closing. From the start of the year, however, it has grown by 11.81 percent.

Daily turnover averaged at a particularly low 100.9 million euros in the four sessions of last week, down from 110.6 million euros the week before.

Observers suggest that the target for this week is the level of 1,620 points for the general index, that can be broken with an increase in turnover above 120-140 million euros.

Crucially, the market?s expectations for mergers in the banking sector have evaporated after the failure of the bid to merge National with Alpha, despite the wishes expressed by Bank of Greece Governor Giorgos Provopoulos regarding bank alliances within 2011, at his meeting with President Karolos Papoulias on Thursday.

Imperio led gainers with a weekly advance of 41.38 percent, while the biggest loser was Eleftheri Tileorasi (down 40.54 percent).