Athens bourse in for a tough week
The Athens bourse is in for a rocky ride this week as analysts see international markets heading southward, due to a worsening credit crisis and soaring oil prices. The Athens Exchange (ATHEX) benchmark general index closed at 3,290.74 points on Friday, ending in the red for the sixth straight week. Technical resistance levels are likely to be tested on the downside as broader market sentiment remains weak. Blue chip shares, which recorded the largest drops since October last year, include the country’s two largest banks, National and EFG Eurobank, which each dropped 42.8 percent and 37.6 percent respectively. On the domestic scene, analysts said that the course of second-quarter earnings will largely dictate investor’s positions in the short term. Eurobank is expected to kick off the reporting season for blue chips by announcing its earnings at the end of the month.
