BUSINESS

ATHEX: Market still in search of some direction

TAGS: Stocks

The Athens bourse was in the red for a second day in a row on Wednesday, and despite efforts to rebound during closing auctions – unlike on Tuesday – was unable to push the benchmark into the green, ending with losses of over three points, despite the positive picture seen in most other continental markets.

The Athens Exchange (ATHEX) general index closed at 575.06 points, shedding 0.59 percent from Tuesday’s 578.49 points. The large-cap FTSE 25 index contracted 0.48 percent to end at 1,550.26 points, while mid-caps fell 1.19 percent.

The market is still expecting a domestic catalyst, such as a fiscal or business development that could trigger an upward motion, as the first few days of September have gone by at August turnover levels.

The containment of Wednesday’s losses for the benchmark and the FTSE-25 index are mainly thanks to the recovery of Coca-Cola HBC, which ended on the day’s high with gains of 1.26 percent, while Jumbo rose 1.81 percent. Hellenic Exchanges declined 3.15 percent and Alpha Bank lost 2.84 percent.

In total 36 stocks reported gains, 54 suffered losses and 16 remained unchanged.

Turnover amounted to 25.5 million euros, down from Tuesday’s 27.6 million.

In Nicosia the general index of the Cyprus Stock Exchange fell just 0.01 percent to close at 68.22 points.

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