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Greek Stock Market Tumbles Again, But Losses Are Minimized Due to Political Announcement

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Athens Stock Exchange continued its week-long steep slide today as the general index fell 1.8% to 441 units, while halfway through the day it was down 6.35%.
The banking index continued to register the biggest losses in Athens Stock Exchange, falling sharply today by 5.6%.
According to analysts, the announcement made by Eurogroup chief Jeroen Dijsselbloem, that the negotiation talks between Greece and its creditors are not off track was instrumental in helping the Athens Stock Market rebound towards the end of today’s closing session and thus confining losses to only 1.8%.
A number of stocks (Public Power Corporation, Ellektor, Biochalko, Mytileneos Holdings) actually rebounded to deliver gains for investors and the drop in the banking index was minimized.
Still, investor sentiment remains at an all-time low in Greece, so there are no expectations of a big turnaround any time soon, while the condition of the banking sector remains unstable.

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