Mid-caps grow as stocks let off steam

The Greek bourse during the week managed to find a safety valve and let off some steam from the unusual swelling of prices since early March, while also maintaining its rising course. The Athens Exchange (ATHEX) general index closed the week on Friday at 2,372.26 points, recording a 1.92 percent rise from the previous week’s closing. The FTSE/ATHEX 40 mid-cap index, moreover, showed a significant rise of 8.29 percent. This overheating may have spurred investors, who registered short-term gains over the last three months, but has generated worries about a rise that does not take into account the macroeconomics of Greece. Yet over the last week, there were reasons for a slowdown due to news from abroad regarding worries over the US deficit and the problems in Latvia that have brought back fears about the economies in Southeast Europe. The local market remains dependent on the strategy of foreign investors, who increased their positions in May for the second month in a row.