ATHEX: Early gains lure buyers into bull trap

Thursday’s bourse session at Athinon Avenue proved to be a so-called bull trap, as it attracted buyers at the start with the temporary gains recorded before stocks slumped to losses. This has made it five sessions of decline in a row, with the benchmark approaching the 1,400-point level. The day’s action-packed session saw turnover improve considerably.

The Athens Exchange (ATHEX) general index closed at 1,406.91 points, shedding 0.47% from Wednesday’s 1,413.54 points. The large-cap FTSE-25 index contracted 0.48%, ending at 3,409.23 points, though mid-caps expanded 0.10%.

The banks index conceded 0.79%, as National parted with 2.49%, Eurobank gave up 0.59% and Alpha slipped 0.03%, while Piraeus advanced 0.47%. Public Power Corporation lost 2.62%, Aegean Airlines eased 2.45%, and Titan Cement fell 1.56%, just as Ellaktor improved 0.83%.

In total 41 stocks collected gains, 60 sustained losses and 21 remained unchanged.

Turnover amounted to 129.6 million euros, up from Wednesday’s €84.8 million.

In Nicosia, the general index of the Cyprus Stock Exchange increased 0.50% to close at 185.48 points.