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Strong Downward Correction at Athens Stock Exchange

The Athens Stock Exchange closed the day with increased trading volumes leading to a low, breaking the streak of nine upward sessions.
The bank’s index recorded declines up to 9%, while moving – like the General Index – to negative territory throughout the session. Among the FTSE20 index the only shares that closed in positive territory were Viohalco and Hellenic Petroleum, with the second one still monitoring the developments in Iran after EU’s oil embargo.
In any case, today’s session was seen by the analysts as a necessary correction ΄relief΄ after the accumulated profits of previous days, up 19% for the General Index, and up 49.33% for the banking index.
The correction was caused by the concerns in Europe over Portugal needing a second bailout, but also by the PSI talks, which continue with no end in sight. The written commitments from the three parties of the Greek government towards the country΄s obligations stand out, reminding the market of the thriller days when the president of New Democracy, Antonis Samaras, was opposed to such a possibility.
The stock “picture” on Tuesday was also formed by S&P’s warning to downgrade Greece to “selective default” after the PSI talks finished, and the statements of Charles Dallara, who called all parties to honor the terms of October’s agreement.
On the board, the General Index closed down 5.48% at 703.44, while the trading volume stood at 51.13 million units and a turnover of 60.99 million.
For the banking index the losses amounted to 9.45% at 287.86, while 104 closed down, 63 up and 108 remained unchanged.
(source: capital)

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