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Greek Market Loses 5.7% For Week

The General Index of Athens Stock Exchange recorded a 2011 low on Friday, while the net trading turnover marginally exceeded €27 million.
In a weak session, the General Index moved into negative territory throughout the trading session with intraday losses of 2.02%, recording a 20-year low. It finally ended down 1.68% at 712.63 units, a 2011 low. Cumulative losses for week amounted to 5.69%.
Although Greek banks attempt to keep on positive grounds, the banking index ended at the session low (281.19 units) with losses of 3.71%. Banks lost 15.72% for the week.
The growing concern, which reflected daily in the bond markets by increasing borrowing costs, has minimized any positive dynamics created by the agreement of Greek political parties, said Beta Securities in a report, adding that the domestic market moves more and more aligned with the foreign bourses.
On Friday, approximately 46.57 million units of total value €36.37 million traded. Excluding a transaction for a 3% stake in MIG of total value €9.24 million, net turnover stood at €27.13 million.
A total amount of 78 shares moved downwards, 60 rose and 137 remained unchanged.
Marfin Popular Bank and MIG topped FTSE20 with profits of 1.44% and 1.14% respectively. Viohalco rose by 0.99%, while Piraeus Bank and Coca Cola 3E posted minor profits of 0.46% and 0.08% respectively. Ellaktor and PPC remained unchanged.
On the other hand, Hellenic Postbank and Titan suffered the heaviest pressures with losses of 8.74% and 6.08%, while National Bank and Alpha Bank fell by 4.76%. Eurobank’s losses also exceeded 4%, while OPAP, Bank of Cyprus and Hellenic Telecoms declined by 3.63%, 3.38% and 2.37% respectively.

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