Bank stocks post correction after massive rise

The local bourse posted a small drop on Wednesday as banks suffered a correction following Tuesday?s massive rise of 21 percent, with Finance Minister Filippos Sachinidis saying on Wednesday that the Hellenic Financial Stability Fund is ready to receive a 25-billion-euro first tranche of funds from the European Financial Stability Facility to recapitalize the country?s lenders.

The Athens Exchange (ATHEX) general index ended the day at 723.61 points, shedding 0.88 percent from Tuesday?s closing of 730.03 points. The blue chip FTSE/ATHEX 20 index fell 1.79 percent to end at 282.87 points.

Hellenic Postbank lost 12.22 percent, while OTE telecom added 3.28 percent.

In total, 53 stocks registered gains, 77 posted losses and 22 remained unchanged.

Turnover came to 48 million euros, down from 60.9 million on Tuesday.