ECONOMY

Small-caps battered

The Athens Stock Exchange general index closed last Friday at 1,683.59 points, a drop of 37.40 points, or 2.17 percent, over the previous week’s close. Although the last two sessions ended with gains, they did not make up for the losses of the previous three sessions, especially Monday’s and Tuesday’s. Total turnover was 322.35 million euros, an average of 64.47 million per session. Hardest hit were small-capitalization stocks. The FTSE/ASE-80 of small-caps lost 4.79 percent, the mid-cap FTSE/ASE-40 fell 3.43 percent, and the FTSE/ASE-20 index of blue chips dropped 1.99 percent. The new FTSE/ASE-140, a composite of the previous three indexes dropped 2.52 percent to 1,903.43 points. All sectoral indices but one registered losses. The exception was retail commerce, which gained 2.09 percent. Among the losers, hardest hit were information technology (7.50 percent) and publishing and printing stocks (6.86 percent). Of the 363 individual stocks traded this week, only 36 ended with gains; 313 registered losses and 14 remained unchanged. The few gainers were led by E. Pairis (17.80 percent) and Voyiatzoglou Systems (16.82 percent). Among the losers, the leader, by a big margin, was fashion clothing and accessories importer, distributor and retailer Connection, which is being pursued by its creditors. The stock, which dropped 51.11 percent to an all-time low of 0.22 euros, was placed under supervision on Friday by the Athens Stock Exchange. On the same day, the same stock ceased to be part of the Wholesale Commerce Index. Once again, OTE was the heaviest traded stock, with an average turnover of 13.64 million euros per session.