ECONOMY

Stocks adrift due to holiday lethargy and lack of cash

OPAP, OTE and Public Power Corporation kept the benchmark of the local bourse afloat on Tuesday as turnover continued to slump with the approach of the August holiday exodus. The question is how the index will perform when the rally on international markets ends, while it appears that the significant private sector participation in banks’ share capital increases has absorbed much of the market’s liquidity, leaving investors with precious little cash to play with.

The Athens Exchange (ATHEX) general index closed at 842.33 points, adding just 0.02 percent to Monday’s 842.16 points. The large-cap FTSE/ATHEX 25 index fell 0.02 percent to end at 285.77 points.

OPAP (up 2.87 percent), OTE (2.37 percent) and PPC (1.99 percent) moved up while Piraeus Bank shed 3.40 percent.

In total 50 stocks posted gains, 72 reported losses and 25 stayed put.

Turnover came to just 20.5 million euros, against Monday’s 28.2 million.