BUSINESS

ATHEX: Move by Fosun gives stock market a boost

TAGS: Stocks

The boost provided by Chinese stakeholder Fosun to the stock of Folli Follie, buying 750,000 shares, gave the Athens Exchange an early push on Wednesday, but most of the gains evaporated during the course of the session, leaving the benchmark at the day’s low upon closing.

The ATHEX general index ended at 818.67 points, adding 0.09 percent to Tuesday’s 817.92 points. The large-cap FTSE-25 index contracted 0.15 percent to 2,131.71 points, while mid-caps expanded 0.36 percent.

The banks index rose just 0.04 percent, as Piraeus advanced 1.30 percent, Alpha gained 0.46 percent and Eurobank gave up 1.36 percent.

Fosun increased its stake in Folli Follie to just over 15 percent, taking the stock’s price 8.19 percent higher. However, the international press has increased doubts over the Greek group, which are likely to affect it again in the days to come. PPC also recovered on Wednesday, rising 3.49 percent.

In total 59 stocks posted gains, 50 took losses and 25 stayed put.

Turnover amounted to 59.6 million euros, down from Tuesday’s 100.7 million.

In Nicosia the Cyprus Stock Exchange general index closed unchanged at 66.81 points.

Online