ECONOMY

Athens bourse drops 1.52 percent as PPC debuts

Bourse newcomer Public Power Corporation (PPC) tumbled more than 5 percent yesterday as the general index fell for the fourth straight session, swept up by retreating European bourses. Brokers said PPC monopolized investors’ attention and that its heavy losses also weighed on sentiment. The Athens bourse’s benchmark general index lost 1.52 percent to 2,605.30 points. PPC, the session’s heaviest traded stock, ended 5.04 lower at a session-low of 12.06 euros. I believe there was intense selling pressure from institutionals abroad and from retail investors who then tried to limit losses, said Vassilis Vlastarakis, analyst at Contalexis Securities. The only investors who could have gained from selling today were those who bought the stock at a discount, he said. Holders of state convertible bonds (prometoha) paid 5 percent less than PPC’s IPO price of 12.70 euros, while retail investors got a 3-percent discount. Blue chips on the FTSE/ASE-20 index lost 1.64 percent to 1,426.10 points. Mid-caps ended off 2.15 percent and small-caps dropped 2.64 percent. State and local authorities eventually decided to sit down and find immediate solutions in order to save the lake and its dozens of animal, bird and aquatic species that are threatened along with the lakeside settlements and their economies on both sides of the border.