BUSINESS

ATHEX: Contraction, bank concerns exert pressure on local stocks

TAGS: Stocks

The correction process continued on Monday on the Greek bourse as the benchmark appeared to shy away from the 800-point mark on news of an economic contraction in the first quarter and Moody’s caution over the course of bad-loan management.

The Athens Exchange (ATHEX) general index closed at 782.32 points, shedding 0.86 percent from Friday’s 789.13 points. The large-cap FTSE 25 index contracted 0.90 percent to 2,077.88 points, while mid-caps expanded 0.84 percent.

The banks index shed 2.20 percent, with Piraeus falling 3.40, National slumping 3.34 percent and Eurobank giving up 1.77 percent. PPC outperformed, advancing 1.95 percent, followed by Viohalco (up 1.46 percent).

In total 59 stocks posted gains, 46 took losses and 20 stayed unchanged.

Turnover amounted to 64.6 million euros, down from Friday’s 73.7 million.

In Nicosia the general index of the Cyprus Stock Exchange dropped 1.33 percent to 78.02 points.

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