ECONOMY

ATHEX: S&P upgrade effect wears off quickly

athex-s-amp-038-p-upgrade-effect-wears-off-quickly

The early upward momentum on the Greek bourse in response to Friday’s sovereign rating upgrade by Standard & Poor’s fizzled out during Monday’s session, leaving the benchmark with marginal gains and the majority of stocks in the red.

The Athens Exchange (ATHEX) general index closed at 534.72 points, adding just 0.07 percent to Friday’s 534.34 points. The large-cap FTSE 25 index expanded 0.20 percent to end at 148.57 points, while small-caps fell 0.79 percent.

Banks were split between winners and losers, with National growing 2.41 percent and Alpha advancing 1.12 percent, as Piraeus fell 4.12 percent and Eurobank declined 2.43 percent.

GEK Terna outperformed with a 3.97 percent rise, while Viohalco gave up 3.73 percent.

In total 41 stocks reaped gains, 51 posted losses and 21 closed unchanged.

Turnover was the lowest of the last 10 sessions, amounting to 45.7 million euros, down from last Friday’s 64.9 million.

In Nicosia the general index of the Cyprus Stock Exchange dropped 0.87 percent to 66.11 points.