ATHEX: Stocks drop for seventh day in succession

ATHEX: Stocks drop for seventh day in succession

The positive start to Wednesday’s bourse session in Athens, on the back of the rise at the New York Stock Exchange on Tuesday, gave way to losses that led the benchmark lower for a seventh day in a row, a sequence unseen in more than 21 months. Piraeus Bank’s 8.45 percent drop played a big part in that result.

The Athens Exchange (ATHEX) general index closed at 800.10 points, shedding 0.68 percent from Tuesday’s 805.58 points. The large-cap FTSE-25 index contracted 0.61 percent to 2,048.72 points.

The banks index started the day with gains that rose to 1.57 percent, but the major drop by Piraeus saw it down 1.67 percent at the close, at its lowest point so far this year. Alpha fell 0.83 percent and Eurobank lost 0.82 percent, while National was unchanged.

OTE telecom advanced for a second day in a row (1.78 percent) on news that main shareholder Deutsche Telekom was exercising its right to purchase the 5 percent stake up for grabs.

In total 43 stocks increased, 60 declined and 30 stayed put.

Turnover amounted to 94.6 million euros, up from Tuesday’s 61 million.

In Nicosia the Cyprus Stock Exchange general index dropped 0.23 percent to 68.23 points.

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