ECONOMY

Cool-headed traders take news in stride

The Greek bourse has apparently already priced in the clash between the new administration in Athens and the country’s creditors, as well as the expected isolation of Finance Minister Yanis Varoufakis at next week’s Eurogroup meeting, as stocks gave up less than 2 percent on Friday upon the announcement of the five-day ultimatum given to Athens to present its next moves.

The Athens Exchange (ATHEX) general index closed at 803.36 points, shedding 1.97 percent from Thursday’s 819.50 points. On a weekly basis the benchmark expanded by 11.28 percent. The large-cap FTSE/ATHEX 25 index contracted 2.56 percent to end at 240.07 points.

In fact it was a rumor about an impending downgrade of the country’s credit rating by Moody’s that spurred sellers in the afternoon, with banks once again absorbing most of the pressure (down 9.76 percent).

Alpha Bank declined 11.76 percent, National lost 11.40 percent and Eurobank gave up 9.40 percent. OPAP bucked the trend with gains of 4.39 percent.

In total 37 stocks recorded gains, 71 suffered losses and 23 remained unchanged.

Turnover came to 111.8 million euros, down from Thursday’s 148.7 million.