Nervy market sees losses, thin volume
The market turmoil continued in Athens yesterday, due to fiscal concerns and the business unrest resulting from the Marinopoulos and Jetoil problems. As a result, the majority of Greek stocks resumed a southbound course. Still, the drop was significantly contained during the closing auctions. The very low trading volume can be explained by the US holiday.
The Athens Exchange (ATHEX) general index closed at 539.81 points, shedding 0.91 percent from Friday’s 544.76 points. The largecap FTSE 25 index contracted 1.22 percent to end at 1,434.29 points.
As uncertainty continues in the domestic credit sector with the replacement of the administration at the Hellenic Financial Stability Fund (HFSF), the banks index took another dive, slumping 3.90 percent. Alpha fell 5.81 percent, Eurobank declined 5.09 percent and Piraeus gave up 2.61 percent.
Some non-bank blue chips outperformed, such as Lamda Development (up 3.10 percent) and Mytilineos (2.56 percent). Hellenic Petroleum fell 3.95 percent and Ellaktor decreased 2.90 percent.
In total 39 stocks registered gains, 44 took losses and 15 remained unchanged.
Turnover amounted to 40.8 million euros, the lowest of the last 53 sessions, down from last Friday’s 63.3 million.
In Nicosia the general index of the Cyprus Stock Exchange climbed 0.29 percent to close at 65.81 points.