ECONOMY

ATHEX: Sting in the tail of a week with gains of 5.78 pct.

athex-sting-in-the-tail-of-a-week-with-gains-of-5-78-pct

Although the Greek bourse closed on Friday with weekly gains, it also ended with losses on a daily basis as banks suffered pressure that dragged most blue chips down with them. This was despite the positive signs that emerged from Prime Minister Alexis Tsipras’s meeting with the German and French leaders in Brussels. The 500-point bar proved too high for the benchmark after all, while the trading volume was disappointingly low.

The Athens Exchange (ATHEX) general index closed at 480.54 points, shedding 3.46 percent from Thursday’s 497.75 points. On a weekly basis it advanced 5.78 percent. The large-cap FTSE 25 index contracted 4.22 percent to end at 127.96 points.

Banks suffered an 11.27 percent decline, as Eurobank fell 15.53 percent, Piraeus gave up 11.54 percent, National dropped 11.11 percent and Alpha shrank 9.40 percent.

Grivalia Properties led the few blue chips to post gains, growing 2.38 percent, while Ellaktor conceded 6.78 percent and Titan Cement slid 5.49 percent.

In total 24 stocks registered gains, 66 sustained losses and 21 remained unchanged.

Turnover amounted to 50.5 million euros, the same as on Thursday.

In Nicosia the general index of the Cyprus Stock Exchange edged up 0.17 percent to 64.57 points.