Blue chips lead stock decline

Stocks dropped for a third day in succession on Wednesday as investors saw no reason for optimism in the short or medium term regarding both the country?s finances and corporate developments.

The Athens Exchange (ATHEX) general index ended at 1,265.78 points, slipping 1.75 percent from Tuesday?s close at 1,288.32 points. The blue chip FTSE/ATHEX 20 index declined by 2.67 percent to end at 566.18 points.

All eyes were again on ATEbank, which posted a massive decline of 15.63 percent, wiping out the lender?s gains registered on Friday and Monday. Other declining blue chips were Piraeus Bank (down 5.50 percent), Marfin Investment Group (4.84 percent), National Bank (4.55 percent), Alpha Bank (4.52 percent) and Eurobank EFG (3.89 percent). Bucking the trend were Viohalco (up 1.90 percent), Ellaktor (1.21 percent) and Hellenic Petroleum (1.08 percent).

In total, 34 stocks moved up, 95 went down and 39 remained unchanged. Attica Publications posted the biggest rise with gains of 14.71 percent, while CPI led the losers, falling 17.65 percent.

Turnover came to 77.5 million euros on Wednesday, up from 54 million on Tuesday.