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Greek Stocks’ Annual Losses Reach 35.6% in 2010

Athens Stocks moved on negative ground in the last session of the year, as the General Index ended at session lows, on a turnover of just 37.3 million euro.
National Bank and Alpha Bank were under pressure, as they fell by 2.58% and 2.31% respectively.
There is no major news from Friday’s session, which closed at 15:20 local time. Accumulation and low turnover were key features as expected. Analysts forecast a gradual strengthening in trading activity next week, but also expect caution and investors to avoid risk.
In this context, the developments regarding the Greek public debt and the implementation of the fiscal adjustment are still on spotlight, putting further pressure on stocks and indices, possibly dragging the market to new lows.
Analysts claim that a short-term and small positive reaction cannot be ruled out, but a fundamental change in Greek market won’t be possible, unless investors are convinced by further evidence of support from the European Union.
The release of the fourth installment of the loan remains a cause of speculation as it is considered to be uncertain, putting the Greek government bonds on pressure.
Across the board, the General Index closed at 1413.94 points with losses of 0.70%, on a turnover of just 37.34 million euro. Annually, Athens Stock Exchange declined by 35.62%. A total amount of 79 shares rose, 59 recorded losses and 163 remained unchanged.
Banks ended at 1250.99 points, down 1.34%, while they had been up by 0.85% intraday. Eurobank and Bank of Cyprus retreated by 1.32% and 0.77% respectively, while Marfin Popular Bank climbed by 3.6% and Piraeus posted marginal gains of 0.27%.
(source: capital)

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