BUSINESS

ATHEX: Folli Follie drags index to new year low

TAGS: Stocks

The suspension of Folli Follie’s stock on Friday changed the mood from positive to negative at Athinon Avenue, turning mild gains into significant losses for the majority of listed companies, with the decline accelerating during the closing auctions.

The Athens Exchange (ATHEX) general index ended at 755.63 points, shedding 1.98 percent from Thursday’s 770.89 points, while it gave up 3.47 percent on a weekly basis. The large-cap FTSE-25 index contracted 1.52 percent to 1,998.30 points.

The Capital Market Commission indefinitely suspended trading in the stock of Folli Follie on Friday. The blue chip that has been the object of speculation in recent weeks failed to produce the necessary documents for an independent audit of its financial details.

With banks exposed due to loans to Folli Follie, the credit sector’s index slumped 5.39 percent: Piraeus lost 7.69 percent, Eurobank conceded 7.66 percent, Alpha fell 4.76 percent and National was down 2.79 percent.

In total 24 stocks posted gains, 82 sustained losses and 22 ended unchanged.

Turnover amounted to 47.3 million euros, down from Thursday’s 56.5 million.

In Nicosia the Cyprus Stock Exchange general index advanced 0.15 percent to close at 66.26 points.

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