ECONOMY

No prospect of recovery for bourse

The Greek stock market remained jittery last week, seemingly at the mercy of the few foreign funds remaining active and resulting in great fluctuations every time experts speculated on the country?s likely default.

The openings of all five sessions were positive, but in the afternoons sellers appeared to be targeting banks and those blue chips includes in the government?s privatizations list. The thin turnover remains a reminder of investor insecurity regarding the prospects of the economy, with any sort of recovery not seen before the end of 2012.

Stock market analysts say such a recovery will require a very ambitious privatizations program. According to Pegasus Securities, the drop in demand and lack of finance will keep listed firms? turnover low. The sectors that will remain under pressure will mostly be those exposed to retail demand, car dealers, clothing and footwear, electrical appliances, construction and media.