ECONOMY

Stocks ease again while Attica Bank soars

Stocks edged lower yesterday as investors continued to cash in gains after last week’s 10 percent rally, with small Attica Bank defying the downward pull, buoyed by speculation it will merge with unlisted Postal Savings Bank. Attica shares closed 17.80 percent up at 4.50 euros, building on Monday’s 11 percent gains after comments from the bank’s chief executive that the merger would be beneficial for both banks. The general benchmark index closed 0.27 percent off at 1,863.47. «The market stabilized today, with some profit-taking and that is very natural. There are some declines, but that doesn’t mean that the market’s upward momentum has changed,» said Manos Hatzidakis, head analyst at Magna Trust. Blue chips eased 0.42 percent to 938.8 points while mid-caps rose 0.75 percent and small-caps fell 0.60 percent. Turnover fell to 154.93 million euros, with 43.2 million shares changing hands. Losers beat winners 170 to 147 with 47 shares unchanged. (Reuters)