BUSINESS

ATHEX: Banks and PPC lead stock price decline

TAGS: Stocks

Bank stocks and PPC led Wednesday’s price slump in the Greek stock market, though the fears of a continued deadlock in talks between Athens and its creditors through spring were somewhat contained by statements from European Commissioner Pierre Moscovici in Athens. This led to a stop-loss move in the last hour of trading, but market concerns remain.

The Athens Exchange (ATHEX) general index closed at 626.29 points, shedding 1.11 percent from Tuesday’s 633.32 points. The large-cap FTSE 25 index contracted 1.06 percent to end at 1,671.24 points.

The banks index surrendered 3.30 percent with Piraeus dropping 4.97 percent, Eurobank declining 4.56 percent and National losing 3.91 percent.

Public Power Corporation, under a European Commission investigation for violating antitrust rules, shed 3.38 percent. Viohalco decreased 2.76 percent and Ellaktor fell 2.61 percent, as Titan Cement grabbed 1.07 percent and Motor Oil improved 0.86 percent.

In total 32 stocks registered gains, 61 suffered losses and 24 remained unchanged.

Turnover came to 36.3 million euros, down from Tuesday’s 42.9 million.

In Nicosia the general index of the Cyprus Stock Exchange advanced 0.20 percent to close at 66.21 points.

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