ECONOMY

Bourse sees early gains evaporate

Gains on the Athens bourse fizzled on Tuesday, leaving the general index only just in the black as investors targeted stocks included in the government?s privatization plans.

The Athens bourse?s benchmark general index inched 0.13 percent ahead to 1,281.72 points, after reaching an intra-session high of 1,316 points.

Hellenic Postbank (TT) outperformed, jumping 4.98 percent to 2.95 euros. The Finance Ministry said on Monday it plans to sell 34 percent of the bank and is looking into passing on an additional 10 percent stake in TT to a strategic investor or via the stock market.

Shares in the Thessaloniki Water Company (EYATH) also raced ahead 7.72 percent to 5.16 euros. The ministry said it wants to reduce its holding in the company by selling shares through the stock market and finding a strategic investor for it. Banks added 0.79 percent. National Bank rose 0.66 percent to 4.56 euros and Eurobank EFG ended at 3.22 euros, up 1.29 percent.

Fourlis Holdings, the Ikea franchise-holder for Greece, jumped 3.80 percent to 4.90 euros. Earlier the company said first-quarter net income fell to 400,000 euros from 5.6 million euros in the same period a year earlier.

Turnover reached 78.8 million euros, versus 74.3 million euros in the previous session.