ECONOMY

Broad-based decline as ASE index drops 2.65 pct

Small and mid-cap stocks tumbled on the Athens bourse yesterday as the benchmark general index fell 2.65 percent with investors locking in recent gains in the sectors. An underperformance in small- and mid-caps stocks was largely expected, said Annie Triantafyllou, head analyst at National Securities. Mid-caps on the FTSE/ASE index gave up 3.62 percent and small-caps fell 4.58 percent after jumping more than 12 percent in the last eight sessions. Blue chips shed 2.35 percent to 1,459.60 points. The benchmark general index lost 2.65 percent to 2,674.98 points. The Athens bourse lost 3.19 percent or 88.32 points for the week. Profit-taking in blue chips picked up due to the negative sentiment in European bourses, said Triantafyllou. Brokers also said they expected interest to shift back to blue chips next week as the nine-month reporting season draws to a close on November 30. Greece’s announcement of plans to float Public Power Corporation (PPC) next month was also contributing to the market’s correction. With Greece an integral part of Europe, Greeks may seek employment in other European member countries, and Europeans may seek employment in Greece. What chances does a Greek have if he or she does not claim as his language a commonly accepted and recognized one? Or what chances does a European have in Greece?