Investors reap their gains from bourse
International hedge funds pounded the Greek stock and bond markets all of last week, pushing the main index of the local bourse down to losses of about 15 percent since the start of the month. The Athens Exchange (ATHEX) general index closed the week on Friday at 2,257.43 points, recording a 6.16 percent decline from the previous week’s closing at 2,405.61 points. The decline of the sectoral indexes of banks, insurances and financial services by more than 10 percent on a weekly basis speaks volumes of the main targets by investors for stock sales. The rise in the premium of Greek bonds combined with the ever-increasing public debt, the rising current account deficit and the shrinking of exports have given investors enough reasons to reap the recently acquired capital gains from their holdings in the local market. The very negative reports by international firms a week ago on the Greek economy played their part as well, although later in the week there were some more tempered approaches to the country’s finances.
