Bourse index suffers first drop in 2013

The main index of the local bourse posted its first drop of the year on Friday, although rising stocks outnumbered the losers at the end of the session.

The Athens Exchange (ATHEX) general index closed at 979.72 points, contracting by 0.52 percent from Thursday’s 984.85 points. The large-cap FTSE/ATHEX-25 index slipped 0.88 percent, ending up at 333.57 points.

On a weekly basis, the main index added 1.64 percent, while the banks index shrank by 7.7 percent.

Developments in the Greek banking sector, with National’s takeover proposal for Eurobank and the failed tender for Hellenic Postbank, had already been factored in, but Cyprus’s credit rating downgrade by Moody’s took its toll on Cypriot banks.

Bank of Cyprus was the worst off among blue chips on Friday, dropping 6.30 percent. It was followed by National Bank (down 4.38 percent) and Piraeus Bank (4.35 percent).

METKA outperformed with a rise of 3.58 percent, while Public Power Corporation posted notable growth amounting to 2.81 percent.

In total 84 stocks registered gains, 83 showed losses and 16 stayed unchanged.

Turnover amounted to 72 million euros, against Thursday’s 67.9 million.