Athens may see further losses

Weakness in European equity markets yesterday is likely to weigh on Greek stocks this morning, as the Athens bourse’s downward momentum continues. On Tuesday, the Athens bourse’s benchmark general index lost 2.49 percent to 2,711.96 points, bringing losses for the week to 6.25 percent. Sellers continued to focus on banks, which fell 3.39 percent. Alpha Bank shed 4.96 percent to 13.21 euros, while peer Piraeus gave up 3.40 percent to 11.95 euros. Turnover reached 268.35 million euros versus 180 million in the previous session. London’s FTSE 100, France’s CAC 40 and the German DAX were all down more than 2 percent in late trade yesterday after US data showed an unexpected drop in the number of new home sales last month, stoking fears about the pace of a potential economic recovery.