ECONOMY

Index and turnover post sharp drops

The general index of the Greek bourse posted a sharp decline on Tuesday as investors displayed reservations about the country?s economy – last week?s euphoria proved short-lived – and global markets felt the heat from the US debt crisis.

The Athens Exchange (ATHEX) general index ended at 1,233.22 points, shedding 2.82 percent from Monday?s closing figure of 1,269.09 points. The blue chip FTSE/ATHEX 20 index dropped by 3.79 percent to end at 542.90 points.

OTE telecom (up 0.84 percent) and Public Power Corporation (0.75 percent) were the only blue chips to register gains. Leading the drop were Marfin Popular Bank (down 8.47 percent), Eurobank EFG (7.84 percent), Alpha Bank (7.69 percent), Bank of Cyprus (7.57 percent), and Piraeus Bank (6 percent). National Bank contracted by 4.69 percent to end up at 4.88 euros. Viohalco and Jumbo were non-movers.

In total, 35 stocks moved up, 99 went down and 39 remained unchanged. Tegopoulos Publications posted the biggest gains, amounting to 17.39 percent, while its rival Lambrakis Press was the worst off with losses of 13.33 percent.

Turnover came to 75.4 million euros on Tuesday, down from 106 million on Monday.