Yesterday's party is today's mourning for the ASE

After a 15% increase, the Greek “hands” which led to said increase liquidated their profits, which in many cases exceeded 65%. Thus the Greek market plunged by 5.48%, closing at 703.44 points.

The prevalence of negative change is due to the pressure which Brussels is putting on bond holders, through Rehn’s warning for a possible activation of the mandatory participation clause, the “threat” by S&P of placing the country in selective default and the new concerns which have come to the forefront about the developments in the global economy.

The decline may be due to a “break” in liquidations, but the market may continue with mild gains since the BoC is increasing its share capital. Moreover, the moves by large bank shareholders of show that they are seeking to foster the positive climate on the ASE, while the PSI completion is expected to impact positively on what concerns the banking system.

The Greek market declined from the beginning while European stock markets also declined, with the Euro fluctuating at $1.2983.

A plunge by 13.40% for National Bank at 1.81 euros with a move of 10.3 million units. Liquidations in Eurobank with a fall of 9.82%, Alpha Bank by 5.20%, MIG by 5.97% and OTE by 10.43%. Piraeus Bank declined by 11.25% and Postbank by 7.18%.

Decrease for Folli-Follie by 2.68%, 7.96% for Coca Cola, 5.06% for the PPC, 4.26% for Mitilinaios and 4.27% for the Bank of Cyprus. Gains of 2.61% for Viohalco and 1.67% for Greek Petroleum.

Total transactions reached 60.9 million euro.