ECONOMY

Stock index drops 52 pct during 2011

The annual decline of 52 percent of the general index in 2011 makes last year the second-worst of the last five decades for the local bourse, with investors having little cause for optimism as the market opens on Monday morning for the new year.

On Friday the Athens Exchange (ATHEX) general index added an unexpectedly high 1.97 percent to end the year at 680.42 percent, from last Thursday?s 667.30 points.

The blue-chip ATHEX/FTSE 20 gained 2.21 percent on Friday but suffered crushing losses last year, shedding 60.6 percent of its value.

The year has ended with record losses of over 10 billion euros for listed companies, according to estimates, compromising further the chances for a market rebound in 2012.