ECONOMY

Local stocks fall ahead of troika arrival

Traders took a step back from the Athens bourse on Monday in anticipation of the start of a new round of talks between the government and its creditors on Tuesday, which saw the benchmark index decline for the second session in a row for the first time since late August.

The Athens Exchange (ATHEX) general index closed at 1,162.77 points, shedding 1.27 percent from Friday’s 1,177.70 points. The large-cap FTSE/ATHEX 25 contracted 1.23 percent to end at 386.08 points.

Utility stocks suffered the most yesterday, as Public Power Corporation (PPC) contracted by 6.54 percent, Athens water company EYDAP shrank by 4.59 percent and OTE telecom declined by 2.81 percent. There was also a drop for National Bank (down 1.91 percent) and Alpha Bank (1.66 percent).

Viohalco outperformed with a rise of 1.88 percent, while Terna Energy earned 1.11 percent on the back of the deal between GEK Terna and York Capital Management. Folli Follie expanded by 0.72 percent.

In total 50 stocks recorded gains, 87 registered losses and 14 remained unchanged.

Turnover amounted to 72 million euros, up from last Friday’s 68.8 million.