BUSINESS

Benchmark inches up on low turnover

The majority of stocks on the Greek bourse posted losses on Monday while turnover slumped to the lowest level in more than two months, but the benchmark index somehow managed to end higher on a day without any significant news to rekindle traders’ interest.

The ATHEX general index closed at 1,182.93 points, adding 0.47 percent to Friday’s 1,177.34 points.

MSCI’s downgrading of the local stock market from “developed” to “emerging” status has opened a gulf between the few blue chips, which now monopolize virtually all investor interest, and the rest of the stocks, which are taking a different course on very low turnover, thereby creating two distinct stock castes on the Greek bourse.

The large-cap FTSE/ATHEX 25 expanded 0.65 percent to end at 388.49 points, while mid-caps contracted by 1.12 percent and small-caps fell 0.64 percent.

Folli Follie (up 3.92 percent) and National Bank (3.53 percent) outperformed, while Motor Oil (down 2.97 percent) and Intralot (2.59 percent) were the worst off.

In total 58 stocks posted growth, 77 sustained losses and 23 remained unchanged.

Turnover amounted to just 49.4 million euros, down from last Friday’s 86.4 million.

Online