ECONOMY

Athens bourse on a 10-session losing streak

The main index of the Greek bourse completed 10 consecutive sessions with losses last Friday, while the outlook for the new week is far from positive.

The Athens Exchange (ATHEX) general index closed on Friday at 1,176.88 points, shedding 5.93 percent on the previous Friday?s closing of 1,251.10 points. The blue-chip index dropped by 8.37 percent.

Investors are focusing on Thursday?s eurozone summit and see no reason in the meantime for a rebound, given the stagnation in privatizations and bank mergers.

The stress tests that showed significant weaknesses in a number of local lenders could prove the catalyst for merger and acquisition action in the sector, observers note. The market had already discounted the results with strong pressure on bank stocks last week. ATEbank and Eurobank, which failed the stress test, saw weekly losses of 38.04 and 14.56 percent respectively.