Traders cash in on previous gains as bank stocks decline

December is traditionally the month when traders cash in on the year’s gains and it appears 2012 is no exception as there is currently little buying interest as far as Greek stocks are concerned.

Investors chose instead to liquidate their bank positions as much as possible on Tuesday as Monday’s blip of buying was attributed only to the favorable bond buyback terms announced.

The Athens Exchange (ATHEX) general index ended at 810.17 points, shedding 1.13 percent from Monday’s 819.39 points. The large-cap FTSE/ATHEX-25 index lost 1.64 percent to end up at 281.09 points.

Eurobank Ergasias suffered the most among blue chips, dropping 7.36 percent, followed by National Bank (down 5.84 percent). Motor Oil grew by 0.77 percent.

In total 74 stocks posted gains, 58 took losses and 20 were unchanged.

Turnover amounted to 35.5 million euros, down from Monday’s 45.5 million.

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