Buoyant PPC helps limit overall losses

Stocks eased yesterday but clung to the 1,800-point support level thanks to a near 6 percent jump in utility Public Power Corporation (PPC), which advanced after last week’s share sale met strong investor demand. PPC closed with gains of 5.95 percent to 13.18 euros, while the Athens benchmark general index fell 0.56 percent to 1,803.18 points. Analysts said PPC was pushed up by some investors, who missed out on last week’s offering, buying the share as it closed at near the price set by underwriters for the offering. Total turnover eased from Friday’s 83.94 million euros to total 75.10 million euros. «The volume is miserable. With this volume, the market is drifting,» said head analyst Spyros Koutras at Nexus Securities. Blue chips lost 0.72 percent to 882.74 points. Mid-caps lost 1.45 percent and small-caps fell 1.92 percent. Losers beat winners 264 to 49 with 43 shares unchanged on 356 traded. (Reuters)

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