All eyes on T-bill auction tomorrow

Thanks to the strong gains registered on the day of the government reshuffle last Wednesday, Greek stocks closed the week with gains, despite two losing sessions on Thursday and Friday. The Athens Exchange (ATHEX) general index closed on Friday at 1,892.29 points, which was 4.44 percent above the previous week’s closing. The four-session week saw limited and targeted moves toward bank stocks, mostly from domestic institutional portfolios, while the activity of foreign portfolios was rather small. Observers suggest that if the market can hold on to 1,850 points at least over the first couple of days of the new week, then there will be a real possibility of an upward effort toward the 2,000-point level. Tomorrow’s auction of 2-billion-euros’ worth of Treasury bills will play a significant role regarding the direction of the market for the rest of the week. If the amount can be covered without the intervention of banks and funds, then the future will appear brighter.

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