BUSINESS

Bourse benchmark drops below 1,200-point level again

The Greek bourse reverted to a downward course on Tuesday, with the Athens Exchange (ATHEX) general index ending at 1,195.96 points after shedding 1.43 percent from Monday’s 1,213.31 points. The large-cap FTSE/ATHEX 25 index contracted 1.56 percent to close at 384.20 points.

Some observers argue that this drop was the result of investor efforts to cash in on their gains last week, while others countered it constituted a correction after the unjustifiably high rise of last Thursday and Friday that bucked the trend in the rest of the continent.

Either way, the market is eagerly expecting this Friday’s report by Moody’s, which is expected to revise Greece’s rating upward.

Banks led the decline as Piraeus shed 4.22 percent and Eurobank lost 3.90 percent. Marfin Investment Group added 0.65 percent.

In total 56 stocks rose, 60 dropped and 17 stayed put. Turnover reached 81.3 million euros, up from Monday’s 69 million.

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