BUSINESS

ATHEX: Motor Oil moves prompt benchmark slump

TAGS: Stocks

The sharp decline of Motor Oil stock and renewed selling of bank stocks led the Athens Exchange (ATHEX) benchmark to a new 20-month low on Thursday as it registered its biggest daily decline in 13 months.

The ATHEX general index ended at 619.32 points, shedding 3.25 percent from Wednesday’s 640.15 points. The large-cap FTSE-25 index contracted 2.96 percent to 1,633.79 points.

Motor Oil’s acquisition of three former subsidiaries of Cyprus’s Laiki Bank and 50 percent of Alpha TV did not go down well with traders, as the Vardinoyiannis-owned group’s stock plunged 13.88 percent on Thursday.

The banks index sank 6.24 percent, with Eurobank falling 7.56 percent, Alpha conceding 7.12 percent, Piraeus giving up 6.85 percent and National decreasing 2.48 percent.

Public Power Corporation declined 3.32 percent, while Fourlis bucked the trend, rising 2.42 percent.

In total 25 stocks reported gains, 64 sustained losses and 24 remained unchanged.

Turnover amounted to 51 million euros, down from Wednesday’s 65.7 million.

In Nicosia the Cyprus Stock Exchange general index slumped 1.40 percent to close at 66.98 points.

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