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Greek stocks end volatile session slightly lower on Wednesday

Greek stocks end volatile session slightly lower on Wednesday

Greek stocks ended slightly lower in the Athens Stock Exchange on Wednesday, unable to hold on to their early strong gains. Traders said investors remained reluctant despite positive comments made by Bank of Greece governor over the soundness of Greek banks. The bank index jumped 7.78 pct early in the day to end with a decline of 1.95 pct.

The general index eased 0.05 pct to end at 625.83 points, after rising as much as 2.71 pct early in the session. The Large Cap index fell 0.29 pct and the Mid Cap index ended 0.91 pct lower. Turnover was 51.307 million euros in volume of 26,754,874 shares.

Jumbo (7.34 pct), Motor Oil (4.21 pct) and GEK Terna (2.94 pct) scored big gains among blue chip stocks, while PPC (4.84 pct), National Bank (3.9 pct) and Hellenic Petroleum (3.69 pct) suffered losses. Among market sectors, Personal Products (5.08 pct) and Oil (2.13 pct) scored big gains, while Food (2.25 pct) and Banks (1.95 pct) suffered losses. Eurobank and Alpha Bank were the most heavily traded securities of the day.

Broadly, decliners led advancers by 48 to 45 with another 33 issues unchanged. Fieratex (10 pct), Frigoglass (9.5 pct) and Jumbo (7.34 pct) were top gainers, while Evrofrma (13.97 pct), Haidemenos (9.01 pct) and Lavipharm (7.14 pc) were top losers.

Conditions improved in the Greek state bond market on Wednesday pushing the 10-year bond yield spread below 4.0 pct. The yield spread between the 10-year Greek and German benchmark bonds eased to 3.92 pct from 4.13 pct, with the Greek bond yielding 4.47 pct (4.67 pct the previous day) and the German Bund yielding 0.54 pct. Turnover was 24 million euros of which 18 million were buy orders.

In interbank markets, interest rates were largely unchanged. The 12-month rate was -0.156 pct, the nine-month rate was -0.209 pct, the six-month rate was -0.267 pct, the three-month rate was -0.318 pct and the one-month rate was -0.371 pct.

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