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Bourse slides having priced in bond news

Investors in the local stock market seemed uninterested in the Finance Ministry’s bond issue announcement on Wednesday, with the main index posting a moderate drop for the fifth session in a row, while rising stocks outnumbered the losers.

The Athens Exchange (ATHEX) general index closed at 1,293.54 points, a six-week low, shedding 0.50 percent from Tuesday’s 1,300.07 points. The large-cap FTSE/ATHEX 25 contracted 0.52 percent to 417.24 points, but mid-caps expanded by 1 percent.

It appeared that the market had already factored in Greece’s return to the international markets, so the confirmation of the landmark issue early in the afternoon and the further decline in the Greek 10-year bond yield changed nothing over the course of the session. Still, if the interest rate Greece borrows at proves to be particularly low, the bourse will certainly jump for joy.

Frigoglass sustained a 3.22 percent decline and Metka shrank by 2.35 percent, while Corinth Pipeworks grew 2.12 percent and Jumbo added 1.07 percent.

In total, 72 stocks reported gains, 55 suffered losses and 18 remained unchanged.

Turnover amounted to 146.8 million euros, against Tuesday’s 124 million.

ekathimerini.com , Wednesday April 9, 2014 (19:32)  
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