BUSINESS

Correction on bourse ends rising streak

The impressive rise of the Athens bourse’s main index since December 31 came to an end on Monday as investors opted to cash in on their recent gains, which had pushed the market’s benchmark up 11.95 percent.

The Athens Exchange (ATHEX) general index closed at 1,286.47 points, shedding 0.77 percent from Friday’s 1,296.39 points. The large-cap FTSE/ATHEX 25 contracted 0.43 percent to end at 423.24 points, but small-caps continued to rise, with their index adding 0.16 percent.

Aiding in creating the mood for a price correction were a Bank of America report saying that Greek banks are not in for a rally, and delays seen in the privatization process of the country’s systemic lenders, as highlighted by the opposition.

The biggest rise was reserved for Motor Oil (up 1.61 percent), while Ellaktor gave up 3.76 percent, Marfin Investment Group declined by 3.55 percent, Hellenic Petroleum saw 3.26 percent evaporate and Hellenic Exchanges suffered a 3.24 percent drop.

In total 59 stocks reported gains, 87 registered losses and 16 remained unchanged.

Turnover amounted to 97.8 million euros, down from last Friday’s 147.6 million.

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