Drop continues for local stocks

Reserved investors left the local bourse with no clear direction on Wednesday, as the main index swung from positive to negative territory and back six times before settling in the red, while turnover keeps shrinking. International uncertainty about the US debt gridlock did not help either.

The Athens Exchange (ATHEX) general index ended at 1,226.92 points, shedding 0.51 percent from Tuesday?s closing figure of 1,233.22 points. The blue chip FTSE/ATHEX 20 index dropped 0.52 percent to end at 540.07 points. However, the mid-cap FTSE/ATHEX 40 index added 0.27 percent.

The Public Power Corporation downgrade by UBS (from ”neutral” to ”sell”) sent its stock 6.14 percent lower. It was followed on its southward course by OTE telecom (down 3.67 percent), Hellenic Petroleum (3.39) and Viohalco (3.23 percent). Ellaktor outperformed with gains of 3.42 percent while Mytilineos climbed 2.50 percent.

In total, 56 stocks moved up, 68 went down and 48 remained unchanged. General Commercial posted the biggest gains, amounting to 13.04 percent, while Medicon Hellas was the worst off with losses of 9.77 percent.

Turnover came to 64 million euros on Wednesday, down from 75 million on Tuesday.