ECONOMY

ATHEX: Stock index fall points to a correction

athex-stock-index-fall-points-to-a-correction

The benchmark’s nine-session rising streak came to an end on Wednesday at the Athens bourse, although the gains cashed in by traders pointed to a small correction rather than a return to a downward course in the next few days. That means the stock growth is likely to continue in the medium term.

The Athens Exchange (ATHEX) general index closed at 552.59 points, shedding 1.97 percent from Tuesday’s 563.67 points. The large-cap FTSE 25 index contracted 2.67 percent to end at 149.93 points, but small-caps expanded 0.15 percent.

Piraeus Bank generated some concern with its major drop of 14.61 percent ahead of the announcement of its 2015 financial results, while other lenders’ stocks posted more moderate losses: National fell 4.31 percent, while Alpha and Eurobank dropped 3.33 percent apiece.

Leading the other southbound blue chips were Folli Follie (down 4.17 percent) and Mytilineos (3.71 percent). Jumbo rose 0.46 percent and Grivalia Properties expanded 0.41 percent.

In total 28 stocks recorded gains, 65 registered losses and 20 remained unchanged.

Turnover amounted to 58 million euros, down from Tuesday’s 77.6 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 0.41 percent to reach 67.34 points.