ECONOMY

Sell-off euphoria wears off

The main index on the local bourse edged higher on Wednesday but failed to offer any distinct signs that could have generated optimism for a solid upward trend as most stocks once again registered losses.

The Athens Exchange (ATHEX) general index ended at 1,289.63 points, growing by 0.62 percent from Tuesday?s close at 1,281.72 points. The blue chip FTSE/ATHEX 20 index rose by 1.10 percent to end at 577.49 points. Both the mid-cap FTSE/ATHEX 40 and the small-cap FTSE/ATHEX 80 indices posted losses of 0.15 percent.

The relative euphoria resulting from the government?s privatizations announcement has all but evaporated now, with many of the stocks concerned posting losses on Wednesday.

Public Power Corporation dropped 2.63 percent and OTE telecom declined by 1.33 percent, while ATEbank lost 4.08 percent. Ellaktor posted a significant rise with gains of 9.13 percent, followed by Alpha Bank (up 5.81 percent).

In total, 58 stocks moved up, 75 went down and 51 remained unchanged. Babis Vovos enjoyed the biggest rise, with gains of 13.86 percent, while Fieratex led the losers, shedding 17.65 percent.

Turnover came to 87.6 million euros, up from 78.8 million on Tuesday.