Eurobank unsettles

The Athens Stock Exchange (ASE) general index ended last week at 2,163.47 points, down 1.44 percent on the previous week. The week’s focal event was the sale of the 9.2 percent stake in EFG Eurobank Ergasias by Deutsche Bank. The market seemed to be taken aback by the move, losing its upward momentum and briefly returning to the support level of 2,150 points. The oversubscription of the offer 2.2 times, however, helped restore balance and selling pressures abated. Interest was focused on bank stocks, particularly Alpha Bank, which recorded successive gains. The weekly turnover, including block trades, reached 949.10 million euros, representing an average of 189.82 million per session. All three FTSE indices ended lower, with the Small Cap 80 losing 1.78 percent. The indices of 40 mid-caps and 20 blue chips shed 1.22 and 1.12 percent respectively. Most sectoral indices ended lower, led by printing and publishing which lost 6.10 percent. Textiles dropped 3.14 percent and insurance ended 2.98 percent lower. Only investments, food & beverages and basic metals stayed afloat, gaining 0.94, 0.15 and 0.41 percent respectively. Of the 374 stocks traded, 86 advanced, 275 declined and 13 remained unchanged. Mathios Pyrimacha led gainers with 22.82 percent, while Intersat was the biggest loser, declining 16.22 percent. The week’s most marketable securities were EFG Eurobank, Public Power Corporation and Alpha Bank.