Banks hurt ATHEX amid low turnover

Banks hurt ATHEX amid low turnover

The Athens Stock Exchange is seeking willing investors.

It is no news that business at the ATHEX is a long way from the halcyon days of 20 years ago, or even the pre-crisis rally. But that was way back in 2007.

Turnover was a paltry 31 million euros in this first August session. Definitely a holiday mood.

The ATHEX General Index moved within a narrow band – just six points, alternating between a slight rise and a slight decline. In the end, it was the banks sub-index that dragged the whole thing down, as it dropped below 300 points. The bank index ended at 298.83, a 1.33% contraction.

The general index slid 0.412 percent to close at 615.07 points, once again proving that the domestic market only follows the European exchanges when they go south. When they are bullish, the Greek stock market appears tentative and Monday was one of those days, with only a few mid- and small-cap stocks showing any liveliness.

Market analysts agree that neither turnover nor the investor mood are expected to improve – the first because of the August holidays and the second because of jitters concerning the holiday season and the recent spike in coronavirus cases.

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