ECONOMY

ATHEX: Stock auctions send prices plummeting

athex-stock-auctions-send-prices-plummeting

The Athens Exchange (ATHEX) benchmark plunged in the last few minutes of trade on Friday, as the closing auction inflicted big losses on the majority of stocks ahead of the FTSE index rebalancing that will start applying as of Monday morning. That also explains the major increase in turnover recorded within just 15 minutes, as the ATHEX officially exited the developed market cluster to revert to the “advanced emerging” grouping.

The Athens Exchange general index closed at 548.58 points, shedding 3.29 percent from Thursday’s 567.24 points. On a weekly basis it declined 3.11 percent.

The large-cap FTSE 25 index contracted 3.22 percent to end at 150.55 points, with Grivalia Properties sliding 13.75 percent, EYDAP falling 9.66 percent, PPC dropping 8.86 percent and Hellenic Exchanges giving up 8.37 percent. Coca-Cola HBC advanced 2.26 percent and GEK Terna rose 0.64 percent.

In total 31 stocks posted gains, 64 suffered losses and 22 ended unchanged.

Turnover soared from 134.9 million at the start of the closing auctions to 304.9 million euros at the end of trade, which compares with Thursday’s 67.3 million.

In Nicosia the general index of the Cyprus Stock Exchange expanded 0.88 percent to 69.04 points.