ECONOMY

Gazprom withdrawal and BoC exclusion inflict losses

The failure of Russian energy giant Gazprom to table a binding bid for Public Gas Corporation (DEPA) and the temporary exclusion of Bank of Cyprus from the bourse indexes resulted in major losses for the local bourse at the start of the week.

The Athens Exchange (ATHEX) general index closed at 939.78 points, falling by 4.69 percent from Friday’s 986.05 points. The large-cap FTSE/ATHEX-25 index contracted by 4.79 percent to 319.24 points.

As the market awaits Tuesday’s verdict by MSCI over whether Athens will remain a developed market or will be relegated to “emerging,” most stocks suffered a decline on MOnday, led by PPC (down 6.09 percent), Alpha Bank (5.59 percent), METKA (4.29 percent) and Coca-Cola HBC (4.24 percent). Intralot added 2.55 percent.

Bank of Cyprus is not expected to resume trading before July 31.

In total, 48 stocks posted gains, 87 registered losses and 25 remained unchanged. Turnover came to 55 million euros, up from last Friday’s 45.8 million.

Tuesday will also see the return to trading of the stocks of Piraeus and Attica Bank following the completion of their reverse split, as their share capital increase enters its final phase.