Analysts see bulls likely stronger by year-end
A negative mood on bourses abroad continued to weigh down Greek stocks for the fourth consecutive day yesterday, bringing cumulative losses to 2.73 percent since Monday. A new rise in the price of oil added to the woes but analysts said they expect the situation to improve, both due to the abundant liquidity and in response to half-yearly results which will start being published next month. The Athens Exchange (ATHEX) general index shed 0.70 percent to close at 4,838.87 points. The FTSE/ATHEX 20 blue chip index was down 0.75 percent, the FTSE/ATHEX Mid-40 fell 0.34 percent, while the FTSE/ATHEX 80 small-cap index ended 0.59 lower. Public Power Corporation and Titan were the only blue chips to head north, gaining 3.04 percent and 0.14 percent respectively. By contrast, Marfin Popular Bank tumbled 2.38 percent, Hellenic Petroleum lost 1.58 percent, OTE was 1.57 percent leaner and Coca-Cola HBC slid 1.49 percent. EFG Eurobank said in an analysis note that the ATHEX will recapture 4,900 points by year-end, and is likely to rise to 5,300 points if banks enter into a round of mergers and acquisitions and their second-quarter results are better than forecast. Turnover totaled -398.76 million, including -53.63 million in block trades.
