ECONOMY

Stocks end with losses of 1 pct

Greek stocks dropped 1 percent on Thursday after the latest downgrade from Moody?s hit sentiment but index heavyweight National Bank advanced, helping trim broader market losses.

The Athens bourse?s benchmark general index gave up 0.99 percent to close at 1,277.23 points, after dipping to as low as 1,266 points in mid-session trade.

The blue chip FTSE/ATHEX 20 index also fell 0.99 percent, ending at 572.65 points. Banks shed 0.51 percent. National Bank added 1.46 percent to 4.87 euros while Bank of Cyprus dipped 3.69 percent to 2.09 euros.

Gaming company OPAP dropped 3.03 percent to 9.69 euros and power company PPC also outperformed, adding 2 percent to 9.69 euros.

Fourlis, the Greek franchisee for IKEA, slipped 2.43 percent to 4.81 euros. Earlier, Proton Securities cut its target price on the stock to 6.80 euros, from 7 euros, citing expectations for continued weakness in second-quarter earnings due to the recession. The brokerage maintained its neutral rating on Fourlis.

Turnover reached 79.8 million euros.