Stocks slip amid low turnover

Stocks slip amid low turnover

Trading on the Athens Stock Exchange (ATHEX) remained subdued on Monday, marked by an absence of investors, indicating that although Greece is only 14 days away from exiting its bailout program, the market is still largely off the radar of foreign portfolios.

Turnover on Monday was a mere 13.44 million euros, the second lowest of the year so far, after the paltry 12.65 million euros recorded on July 23. That figure was also among the 10 worst turnovers in the history of the ATHEX. This is indicative of the lack of appetite for Greece on the markets, which have been viewing the Athens Stock Exchange with caution for months.

In July turnover dropped by about 47 percent, the stock market’s official data showed.

On Monday, the ATHEX general index fell 0.27 percent to close at 759.63 points. Large-caps lost 0.37 percent and the banks index was down 1.03 percent. Sentiment is not expected to change much this week, reflecting a similar picture in foreign markets.

Although Greece is to emerge from its international bailouts in just a few days, the rigidities of the country’s economy and the lack of confidence will likely see global markets, and investors, maintaining a wait-and-see stance.

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