ECONOMY

Stocks post correction after Friday’s major gains

After posting unexpectedly high growth (3.67 percent) on Friday, the Greek benchmark headed south on Monday, as investors were not convinced by the FTSE decision to allow the local market to keep its developed label (for now), given that it had been demoted to emerging status by MSCI and S&P Dow Jones.

The Athens Exchange (ATHEX) general index ended at 1,133.06 points, shedding 1.36 percent from Friday’s 1,148.64 points.

The large-cap FTSE/ATHEX 25 index contracted 1.59 percent to close at 367.37 points, although mid-caps added 0.35 percent and small-caps rose 0.87 percent.

With their eyes firmly fixed on Tuesday’s meeting between Prime Minister Antonis Samaras and German Chancellor Angela Merkel in Berlin, many traders chose to abstain from any stock purchases on Monday, with the banks index sustaining losses amounting to 2.70 percent.

Hellenic Exchanges increased 2.46 percent and Viohalco went up 2.37 percent, while EYDAP declined 4.27 percent and Piraeus Bank dropped 4.26 percent. Intralot gave up 3.43 percent.

In total 44 stocks posted gains, 69 suffered losses and 19 remained unchanged.

Turnover came to 90.6 million euros, less than a third of last Friday’s 298.1 million.