ECONOMY

Greek stocks take a dive ahead of demotion

After a promising start to the day, the majority of Greek stocks posted significant losses on Thursday, in contrast with mostly northbound European bourses. This may well be due to the restructuring of portfolios ahead of the Athens Exchange’s reclassification as an emerging market by S&P Dow Jones Indices, which comes into effect on Monday.

The Athens Exchange (ATHEX) general index ended at 1,107.98 points, shedding 2.11 percent from Wednesday’s 1,131.84 points. The large-cap FTSE/ATHEX 25 index contracted 2.24 percent to close at 359.22 points.

Eurobank Properties outperformed, climbing 2.27 percent, while Alpha Bank fell 5.94 percent, Ellaktor dropped 5.76 percent and Motor Oil contracted 4.97 percent.

In total 34 stocks showed gains, 78 suffered losses and 20 ended unchanged.

Turnover reached 123.9 million euros, compared with Wednesday’s 107.5 million.