ECONOMY

Greek market bought the rumor and sold the fact

After the morning growth up to the 1.024 points, the benchmark of the Athens stock market dived to 945 before settling for 958 at the end of Monday’s session, as investors chose to cash in on the gains generated last week before the announcement of the banks’ stress test results on Sunday. The fact that Tuesday is a national holiday in Greece meant traders had to rush to capitalize on last week’s soaring of bank stocks, ahead of the end of the mont on Friday.

The Athens Exchange (ATHEX) general index ended at 958.69 points, shedding 3.29 percent up from Friday’s 991.33 points. The large-cap FTSE/ATHEX 25 index contracted 3.42 percent to 313.58 points.

Terna Energy was the worst off, dropping 9.80 percent, followed by Piraeus Port Authority (down 8.41 percent) and GEK Terna (8.33 percent).

Folli Follie was the only blue chip to post gains (up 0.68 percent), while Piraeus Bank closed without a change.

In total 33 stocks recorded gains, 90 sustained losses and 16 remained unchanged.

Turnover amounted to 176.4 million euros, up from last Friday’s 130.7 million. Nearly half of the turnover was during the first couple of hours of trading. The volatility of Monday’s session explains the high level of trading volume on the day.