Stocks fall once again, PPC outperforms
Solid gains in Public Power Corporation (PPC) helped trim losses on the Athens bourse yesterday after Morgan Stanley initiated coverage on the power utility while the broader market slipped 0.25 percent. PPC, the former power monopoly, jumped 4.63 percent to 14.02 euros. Morgan Stanley yesterday started PPC with an overweight rating and set a price target of 21.00 euros, saying the company was well-poised to benefit from its and the electricity market’s restructuring. «Morgan Stanley’s comments definitely helped the stock,» said Dimitris Scapinakis, analyst at Marfin Bank. The benchmark index ended at 1,721.94 points after dipping to a year-low of 1,704.12 points in intrasession trade. Blue chips fell 0.74 percent, while banks shed 1.43 percent. Mid-caps slipped 0.67 percent, while small-caps fell 1.09 percent. Turnover was 87.78 million euros with 29.3 million shares changing hands. Losers beat winners 222 to 83, with 50 shares unchanged on 355 traded. (Reuters)
