ECONOMY

ATHEX starts week with losses

The local bourse reacted calmly on Monday to the latest credit rating downgrade by Fitch and the threat of a new one by Moody?s, although global markets? worries about a new debt crisis in the eurozone sent stocks lower once again.

The Athens Exchange (ATHEX) general index ended at 1,280.10 points, dropping by 1.33 percent from last Friday?s close at 1,297.36 points. The blue chip FTSE/ATHEX 20 index fell 1.50 percent to end at 568.94 points.

The government?s privatization plans propped up Public Power Corporation (2.84 percent) and Hellenic Postbank (2.55 percent), while Motor Oil added 1.14 percent. ATEbank declined by a significant 5.88 percent, Ellaktor lost 4.71 percent, Marfin Investment Group followed with a 3.57 percent drop and National Bank contracted by 3 percent to close at 4.53 euros.

In total, 29 stocks moved up, 100 went down and 45 remained unchanged. Tegopoulos Publications posted the biggest rise, with gains of 15 percent, while Babis Vovos led the losers for a second session in a row, shedding 17.48 percent.

Turnover came to 74.3 million euros, down from 78.2 million last Friday.