Listless stocks head south on low turnover
The limited flow of fiscal and corporate news and the fact that the some Asian markets were closed resulted in the Greek bourse having a particularly quiet session yesterday, with most stocks posting losses. The Athens Exchange general index closed at 1,013.35 points, declining by 0.90 percent from Friday’s 1,022.57 points. The large-cap FTSE/ATHEX-25 index contracted by 1.14 percent, ending at 340.86 points. Market observers suggest that without any significant news from the three main fronts, i.e. share capital increases, privatizations and the execution of the budget – as yesterday’s announcements had already been priced in – little real action can be expected on the bourse. Banks suffered significant losses, as Piraeus gave up 6.93 percent, Alpha declined by 5.30 percent and National shrunk by 4.42 percent. Oil blue chips outperformed, as Hellenic Petroleum gained 0.91 percent and Motor Oil added 0.23 percent, but they were both beaten by OPAP gaming company (up 1.37 percent). In total 50 stocks went up, 112 registered losses and 19 remained unchanged. Turnover amounted to 37.3 million euros, the lowest in the last 29 sessions, down from last Friday’s 47.1 million.