Initial upturn short-lived on local bourse

A session of high volatility saw Greek stocks end the day with fresh losses yesterday, as the morning euphoria from the agreement about the European support mechanism gave way to fresh pressure in the bond market and a negative climate on most European bourses. The Athens Exchange (ATHEX) general index closed at 1,411.39 points, falling by 1.76 percent from last Friday’s close at 1,436.66 points. However at mid-session the index was up 2.66 percent. The blue chip FTSE/ATHEX 20 index contracted by 1.88 percent to end at 663.99 points. Marfin Investment Group led the blue chips with a 1.67 percent rise, ahead of ATEbank (up 1.52 percent) and Marfin Popular Bank (0.83 percent). Ellaktor was the worst off with a decline of 4.31 percent, followed by Bank of Cyprus (down 4.21 percent), Eurobank EFG (3.77 percent), Viohalco (3.45 percent), Public Power Corporation (3.42 percent) and National Bank (2.49 percent). In total 57 stocks moved up, 107 went down and 59 remained unchanged. Dromeas led the gainers with a rise of 15.15 percent, while Olympic Catering posted the biggest loss with a 19.77 percent decline. Turnover came to just 94.7 million euros, against a daily average of 94.1 million last week.