Stocks in Athens did not manage to hold onto their gains in early trade, and ended lower, as investors preferred the safety of cash. Europe’s declines due to concerns about higher for longer interest rates weighed. At home, banks rose after Eurobank’s offer to buy back its 1.4% stake held by the country’s bank backstop fund HFSF was well received by investors. The sale of HFSF’s bank stake is seen as an important catalyst for the market in the medium-term. 

 

The general share index fell 0.2% to close at 1216 points. Turnover amount to 106 million euros. 

 

Banks ended with aggregate gains of 1.3%.  In contrast, some heavyweights were hard hit by profit-taking. Viohalco lost 3.6%, OTE -2.4%, Mytilineos -2.3%, Cenergy -1.9%, Terna -1.8%.