ECONOMY

Stocks dip on poor GDP data

Greek equities headed south on Tuesday with aggressive late session selling pushing National Bank and peer Alpha lower after news of Greece?s larger-than-expected recession in the last quarter of 2010.

The Athens bourse?s benchmark general index fell 1.35 percent to 1,620.59 points. The blue chip FTSE/ATHEX 20 index shed 1.79 percent to end at 755.16 points.

Banks gave up 2.03 percent.

National Bank lost 2.41 percent to close at 7.30 euros, while Alpha Bank retreated 1.78 percent to 4.42 euros.

Power company PPC also underperformed, dropping 4 percent to 12 euros.

Looking ahead, Piraeus Securities said in an annual outlook published on Monday that it expects Greek stocks to rise 21 percent by the end of the year, citing an expected improvement in macroeconomic conditions and better earnings.

?We suggest that investors should take advantage of any correction to add positions in Motor Oil, Metka and Frigoglass, and build new positions in National Bank, OTE telecom and Ellaktor,? the brokerage said.

The mid-cap FTSE/ATHEX 40 index bucked the downward trend, adding 0.31 percent.

Turnover rose to 101.1 million euros from 95 million euros previously.