ECONOMY

Stocks drop as BoC makes far from stellar return to trade

A late selling spree on the Greek bourse day had turned profits into losses by closing time, as traders remained nervous ahead of Wednesday’s first vote for the new president in Parliament. Early signs that the tide could be turning in favor of the government’s presidential candidate Stavros Dimas are still too small to create a winning momentum and appease the markets.

The Athens Exchange (ATHEX) general index closed at 834.24 points, shedding 0.26 percent from Monday’s 836.41 points. The large-cap FTSE/ATHEX 25 index contracted 0.82 percent to end at 267.90 points, but small-caps added 1,12 percent.

Bank of Cyprus was the focus of the day after its return to action on Tuesday following a 21-month suspension. It started the session at 0.24 euros, but suffered a 26.25 percent loss to close at 0.177 euros.

In total 46 stocks reaped gains, 41 took losses and 18 closed unchanged.

Turnover came to 88.8 million euros, just above Monday’s 88.44 million.