Fresh taxation worries weigh on local stocks

The possibility of bank warrants being taxed and the issue of a 15 percent capital gains tax if and when it is applied in stock transactions are two major concerns among local investors, while foreign portfolios, which had been powering the growth seen in recent months, seem to have already called it a year. As a result stocks posted small losses and turnover remained low on Thursday.

The ATHEX general index closed at 1,186.93 points, shedding 0.84 percent from Wednesday’s 1,196.98 points. The large-cap FTSE/ATHEX 25 contracted 1.08 percent to end at 388.15 points.

GEK Terna (up 2.35 percent) and sister company Terna Energy (2.24 percent) outperformed among blue chips, while Marfin Investment Group dropped 3.78 percent and National Bank fell 2.77 percent.

In total 52 stocks posted gains, 82 registered losses and 24 stayed put.

Turnover amounted to 70 million euros, up from Wednesday’s 55.3 million.