ECONOMY

ASE follows weak European markets, tumbling PPC

Across-the-board losses dragged the Athens bourse below 2,600 points yesterday, down 1.54 percent, moving in line with weak European markets. Brokers said the two-day slide of the market’s latest addition, the Public Power Corporation (PPC), has contributed to negative momentum. The slide in PPC today and yesterday along with weak European markets has added to investor nervousness, said Manos Mavrogenis, analyst at Laiki Attalos Securities. PPC lost 2.65 percent to 11.74 euros yesterday, bringing its losses over the last two days to 7.5 percent. PPC’s poor performance has hit the market fairly hard, said another broker. The Athens bourse’s benchmark general index ended at 2,565.29 points. On downward movements in Europe, we look to follow Europe closely while when they go up, a time delay between us appears, said Ilias Lazaris, analyst at Artion Securities. Blue chips on the FTSE/ASE index fell 1.44 percent to 1,405.63 points. Mid-caps fell 2.25 percent and small-caps dropped 3.45 percent. Turnover was 146.68 million euros. Losers beat winners 315 to 29 with 12 unchanged. They also point out that the constituent members of the committee were changed two or three times before it arrived at a unanimous decision on the particular site, according to former committee members.