STOCKS

ATHEX: Steep decline by PPC stock affects index

athex-steep-decline-by-ppc-stock-affects-index

Public Power Corporation’s announcement on Thursday about its upcoming share capital increase, which will take a toll on its share price, weighed heavily on the Greek stock market at the end of a week when the benchmark was already heading lower anyway. Eventually it closed at its lowest point in about two months.

The Athens Exchange (ATHEX) general index closed at 873.10 points, shedding 1.54% from Thursday’s 886.72 points. On a weekly basis it declined 4.35%.

The large-cap FTSE 25 index contracted 1.65% to end at 2,107.40 points and the banks index eased 0.96%.

PPC fell on Friday for the ninth session in a row, though this time it was the steepest decline, amounting to 11.53% in one day. Mytilineos fell 3.10% and OTE telecom gave up 2.89%. Viohalco resisted the drop adding 2.77%.

In total 24 stocks registered gains, 85 suffered losses and 15 remained unchanged.

Turnover amounted to 97.3 million euros, up from Thursday’s €93.8 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.02% to close at 66.02 points.