BUSINESS

ATHEX: Fourth day of losses for Greek stocks

TAGS: Stocks

The standoff between blue chip company Folli Follie and Quintessential Capital Management over the former’s fundamentals continued to weigh heavily on the Greek stock market on Monday. The benchmark dropped for a fourth day in a row, in spite of the positive outcome of the banks’ stress tests (largely factored in) and the favorable atmosphere on foreign markets.

The Athens Exchange (ATHEX) general index ended at 810.72 points, shedding 1.60 percent from Friday’s 823.89 points. The large-cap FTSE-25 index contracted 1.17 percent to 2,104.81 points while small-caps increased 0.16 percent.

The banks index fell 2.23 percent, with Piraeus losing 3.88 percent, National giving up 3.35 percent, Eurobank conceding 2.26 percent and Alpha dropping 0.78 percent.

Besides the Folli Follie limit-down, the second after Friday’s, Public Power Corporation slumped 10.09 percent and OPAP shrank 4.05 percent.

In total 35 stocks posted gains, 70 reported losses and 32 remained unchanged.

Turnover reached 65.4 million euros, down from last Friday’s 77.5 million.

In Nicosia the Cyprus Stock Exchange general index declined 0.45 percent to 68.26 points.

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