ECONOMY

Fall follows European markets; banks resist

Shares fell on the Athens Stock Exchange (ASE) yesterday, after three sessions, affected by the negative climate prevailing across European markets. The ASE general index closed at 2,399.38 points, a loss of 11.38 points or 0.47 percent. The FTSE/ASE-20 index of blue chips declined 0.27 percent to close at 1,311.62 points, while mid- and small-caps fell 1.07 percent and 1 percent respectively. Banks outperformed, with the sectoral index rising 0.07 percent. Emporiki gained 0.32 percent to close at 18.78 euros; EFG Eurobank gained 0.31 percent to 19.58 euros and Alpha Bank gained 0.09 percent to close at 22.32 euros. In a report, Citigroup repeats its target price of 25.40 euros for Alpha, calling it a medium-risk buy. CSFB revised National Bank’s target price from 23.70 to 24.20 euros but the stock itself dropped 0.19 percent, to 20.58 euros. Betting company OPAP also gained, 0.75 percent, to close at 16.14 euros. Most other blue chips declined, however. OTE Telecom and mobile telecommunications subsidiary CosmOTE declined 1.09 percent and 0.85 percent respectively, while Titan cement declined 1.89 percent, to 20.80 euros. Of the 353 traded stocks, 54 gained, 226 declined and 73 ended unchanged. Turnover rose slightly to 74.2 million euros.