BUSINESS

ATHEX: Bank stocks down 3.7 pct

TAGS: Stocks

The earlier-than-expected upgrade of Greece’s credit rating by Standard & Poor’s did not impress traders at the Athens stock exchange, who appeared to be more concerned about instability both within and outside the country. The majority of Greek stocks posted fresh losses at the end of Tuesday’s session, while many blue chips closed at the day’s low.

The Athens Exchange (ATHEX) general index ended at 768.89 points, shedding 1.05 percent from Monday’s 777.08 points. The large-cap FTSE-25 index contracted 0.87 percent to 2,011.21 points.

Of all blue chips, banks were hit hardest, as their sectoral index conceded 3.69 percent. National slumped 4.77 percent, Eurobank fell 3.44 percent, Alpha gave up 3.40 percent and Piraeus was down 3.23 percent.

Among other blue chips, Motor Oil sank 4.08 percent, PPC decreased 3.63 percent and EYDAP declined 1.95 percent, while Jumbo advanced 2.58 percent and OPAP improved 2.33 percent.

In total 43 stocks reported gains, 70 posted losses and 19 remained unchanged.

Turnover amounted to 39.8 million euros, down from Monday’s 41.6 million.

In Nicosia the Cyprus Stock Exchange general index jumped 2.16 percent to close at 70.91 points.

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