Greek stocks ended sharply lower in the Athens Stock Exchange on Monday

Greek stocks ended sharply lower in the Athens Stock Exchange on Monday, hit by disappointment over the lack of progress in negotiations to conclude a second review of the Greek programe and a Moody’s report warning that a delay in negotiations was putting the Greek banks’ restructuring programmes at risk.

The composite index of the market dropped 3.53 pct to end at 614.08 points, off the day’s lows of 612.59 points. The index lost 7.03 pct in the last two sessions, while the Bank index dropped 13.70 pct over the same period.

The Large Cap index fell 3.67 pct and the Mid Cap index ended 2.40 pct lower. Turnover was an improved 63.42 million euros in volume of 114,336,808 shares.

Sarantis Group was the only blue chip stock to end higher (1.45 pct), while Eurobank (9.25 pct), Piraeus Bank (8.16 pct), PPC (6.37 pct), National Bank (5.86 pct) and Alpha Bank (5.62 pct) suffered the heaviest percentage losses of the day. All sectors ended lower, led by Banks (6.82 pct), Utilities (4.63 pct), Travel (3.61 pct) and Financial Services (3.55 pct). National Bank and Piraeus Bank were the most heavily traded securities of the day. Broadly, decliners led advancers by 76 to 26 with another 30 issues unchanged. Medicon (20 pct), Sidma (19.91 pct) and Lavipharm (10.67 pct) were top gainers, while Kekrops (28.75 pct), AXON Holdings (18.75 pct) and Progressive (17.86 pct) were top losers.

ADEX closing report

The February contract on the FTSE/ASE Large Cap index was trading around its fair value in the Athens Derivatives Exchange on Monday. Volume on the Big Cap index totaled 2,847 contracts with 7,293 open positions in the market. Volume in futures contracts on equities totaled 89,712 contracts with investment interest focusing on National Bank’s contracts (30,533), followed by Alpha Bank (10,366), Piraeus Bank (29,449), Eurobank (13,426), MIG (1,807), OTE (850), PPC (842), OPAP (676), Viohalco (153), Mytilineos (715), Hellenic Petroleum (389), Jumbo (129).

Greek bond market closing report

Greek bond yields rose sharply in the domestic electronic secondary bond market on Monday, while prices fell significantly. Analysts said the latest Greek debt sustainability report, issued by the International Monetary Fund last week, dampened sentiment in the market as it showed that the public debt’s dynamic remained explosive and was expected to soar to 275 pct of GDP in 2060 from 180 pct currently.

The yield spread between the 10-year Greek and German benchmark bonds widened to 6.90 pct from 6.54 pct on Friday, with the Greek bond yielding 7.34 pct and the German Bund yielding 0.44 pct. Turnover was a low 4.0 million euros, all sell orders.

In interbank markets, interest rates were largely unchanged. The 12-month rate was -0.1 pct from -0.101 pct, the nine-month rate fell to -0.160 pct from -0.159 pct, the six-month rate was -0.244 pct, the three-month rate was -0.328 pct and the one-month rate was -0.372 pct.