Stocks slide on revenue shortfall

Revelations about the major shortfall in December state revenues – with a direct impact on the primary surplus – and the cacophony of statements from election favorite SYRIZA candidates on the future of relations with the country’s creditors put an end on Wednesday to a series of gains for the Greek benchmark that had stretched to three sessions.

The Athens Exchange (ATHEX) general index closed at 819.55 points, shedding 1.90 percent from Tuesday’s 835.40 points. The large-cap FTSE/ATHEX 25 index contracted 1.56 percent to end at 263.90 points, although small-caps had other ideas, registering 2.27 percent growth.

Five blue chips headed north, led by National Bank (up 2.76 percent) and the EYDAP water company (1.77 percent). Six large-caps had losses of more than 5 percent: Motor Oil fell 6.87 percent, Piraeus Port Authority shrank 6.34 percent, Grivalia Properties declined 6.08 percent, Coca-Cola HBC lost 5.58 percent, Marfin Investment Group gave up 5.43 percent and Public Power Corporation dropped 5.27 percent.

In total 41 stocks reported gains, 65 sustained losses and 28 remained unchanged.

Turnover amounted to 75.5 million euros, down from Tuesday’s 81.4 million.