ECONOMY

Correction is contained on stock market

A late push led by Coca-Cola HBC contained the significant losses incurred by most blue chips during Monday’s session on the Athens bourse, as investors sought to cash in on last week’s gains.

The Athens Exchange (ATHEX) general index closed at 1,135.83 points, shedding 1.46 percent from Friday’s 1,152.60 points. The large-cap FTSE/ATHEX-25 index contracted by 2.87 percent to end at 394.61 points.

The prevailing impression that the rally last week came too fast, too soon, pointed to a notable drop in the benchmark index by as much as 3.70 percent – coming down to 1,100 points at one point – and led by a major decline in banks (down by 14.32 percent).

With Coca-Cola adding 2.87 percent near closing, the index halved its losses, driven mainly by a nosediving Piraeus Bank (down 29.51 percent) and Eurobank Ergasias (25.04 percent), while National Bank declined by 14.21 percent. Titan cement had a solid session, growing by 2.26 percent.

In total 45 stocks registered gains, 113 suffered losses and 23 remained unchanged.

Turnover amounted to 181.4 million euros, down from last Friday’s 290 million.