ECONOMY

Grim news reverses early gains among Greek stocks

Morning gains turned into afternoon losses for the majority of Greek stocks on Friday as the reported clash between the government and the head of the Eurogroup led to a fresh decline that brought the total drop for the benchmark to 14.10 percent in the first week of the SYRIZA-led government.

The Athens Exchange (ATHEX) general index closed at 721.93 points, shedding 1.59 percent from Thursday’s 733.61 points. The large-cap FTSE/ATHEX 25 index contracted 1.48 percent to end at 215.63 points.

The banks index fell in line with the benchmark, giving up 1.59 percent, but it was Marfin Investment Group that posted the biggest blue chip decline, sliding 5.95 percent. Jumbo went down 5.70 percent, while water company EYDAP expanded 4.14 percent and OPAP rose 3.59 percent.

In total 37 stocks posted gains, 71 suffered losses and 14 remained unchanged.

Turnover came to 145 million euros, down from Thursday’s 174.5 million.