ECONOMY

New year-low in Greek bourse as investors show caution

The main index of the Greek bourse dropped to a new year-low on Monday. Once again the benchmark started the session in the green only to end up in the red. The switch of the settlement date from three days after each security transaction (T+3) to two days (T+2), introduced on Monday, met with the market’s disapproval, with the bourse posting the fifth lowest trading volume of the year.

The Athens Exchange (ATHEX) general index eventually ended at 1,035.43 points, shedding 1.36 percent from Friday’s closing of 1,049.73 points. The large-cap FTSE/ATHEX 25 index contracted 1.29 percent, ending at 337.37 points.

Given the continued slide of the euro against the dollar and the political developments of the new week, traders would probably be right in being conservative with their purchases at this stage.

Eurobank Properties outperformed, rising 2.17 percent, followed by Ellaktor (up 1.95 percent), while Jumbo gave up 3.88 percent, Titan Cement declined 3.38 percent and Terna Energy dropped 3.27 percent.

In total 43 stocks recorded gains, 68 sustained losses and 20 remained unchanged.

Turnover amounted to just 51.9 million euros, down from last Friday’s 109.1 million.