ECONOMY

All weekly stock gains wiped out in freaky Friday trade

Friday’s triple witching event – when the contracts for stock index futures, stock index options and stock options all expire on the same day – and the urge to capitalize on recent gains resulted in local stocks taking a dive, with the main index dropping back below the 1,000-point level.

The Athens Exchange (ATHEX) general index closed at 984.04 points, sliding 3.78 percent from Thursday’s 1,022.75 points. On a weekly basis, the benchmark fell 0.75 percent.

The large-cap FTSE/ATHEX 25 gave up 4.04 percent on Friday to end at 334.65 points.

Eurobank Properties added 4.90 percent, while Piraeus Bank contracted by 8.15 percent.

In total 27 stocks registered gains, 87 posted losses and 28 remained unchanged.

Turnover amounted to 91.6 million euros, up from Thursday’s 86.5 million.