BUSINESS

ATHEX: BoA report sends benchmark into the red

TAGS: Stocks

Trade was subdued in the week’s first session at the Athens bourse, given the benchmark’s repeated failures last week to clear the 770-point mark and the slashing of bank stocks’ target prices by Bank of America on Monday.

The Athens Exchange (ATHEX) general index ended at 761.91 points, shedding 0.22 percent from Friday’s 763.56 points. The large-cap FTSE-26 index contracted 0.14 percent to close at 2,009.69 points, while small-caps grew 0.18 percent.

Bank of America Merrill Lynch revised its target prices for Greek bank stocks lower, slashing them by up to 50 percent. This had a direct impact on the banks index in Athens, which declined 2.27 percent. Eurobank shrank 4.39 percent, Piraeus slipped 2.83 percent and National gave up 2.09 percent.

In total 44 stocks recorded gains, 53 took losses and 21 stayed unchanged.

Turnover amounted to 29.7 million euros, down from 41.9 million euros last Friday.

The general index of the Cyprus Stock Exchange in Nicosia decreased 0.59 percent to 73.73 points.

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