ECONOMY

Late gains fail to avert weekly drop for stocks

After six consecutive weeks of growth, the bourse’s benchmark index registered a 0.59 percent decline on Friday compared with the previous week despite securing significant daily gains at the end of the session.

The Athens Exchange (ATHEX) general index closed at 973.95 points, expanding by 2.12 percent from Thursday’s 953.71 points. The large-cap FTSE/ATHEX-25 grew 1.30 percent, ending at 328.34 points.

The shift in investor interest from banks to other blue chips became ever more evident yesterday as there was not a single bank among the three stocks that garnered 42 percent of trading value: OTE telecom, OPAP gaming company and Public Power Corporation.

PPC gained 10.01 percent, beaten only by Viohalco, which added 10.09 percent. TERNA Energy also added a notable 7.50 percent, while Motor Oil increased by 6.02 percent.

Bank of Cyprus contracted by 5.20 percent, followed by Alpha Bank, which gave up 4.69 percent.

In total 106 stocks registered gains, 55 posted losses and 21 stayed put.

Turnover amounted to 70.3 million euros, up from Thursday’s 45.6 million.