ECONOMY

Troika jitters rattle local bourse

Domestic problems eclipsed the continuing rise on international stock markets and news of a slight drop in the jobless rate at the Greek bourse on Thursday, as a reported clash between the government and representatives of the country’s international creditors led to local shares sustaining major losses.

On its fifth straight day of decline, the Athens Exchange (ATHEX) general index closed at 936.57 points, giving up 2.79 percent from Wednesday’s 963.45 points. The large-cap FTSE/ATHEX-25 index contracted by 3.31 percent, ending at 307.15 points.

Contributing to the bourse decline was also the relegation by FTSE of the stocks of OPAP, Public Power Corporation (PPC), National Bank, Alpha and Eurobank Ergasias from the FTSE Euro Mid Index to the FTSE Euro Small Index as of March 15, without any other Greek stocks replacing them. The same stocks are also pulled out of the FTSE All World index.

All of them suffered significant losses, as OPAP fell 4.89 percent, PPC 7.31 percent, National 5.42 percent, Alpha 7.48 percent and Eurobank 2.80 percent.

Bank of Cyprus was the worst off among blue chips as it lost 10.89 percent, while Eurobank Properties outperformed with gains of 1.71 percent.

In total 35 stocks recorded gains, 117 sustained losses and 18 remained unchanged.

Turnover grew to 67.8 million euros from Wednesday’s 43.3 million.