More profit-taking leads to another slight decline

Stocks fell for the second session in a row on the Athens Stock Exchange (ASE) yesterday as investors continued to shed blue chip shares to take in profits. The ASE general index closed at 2,623.13 points, a loss of 8.88 points or 0.34 percent. During the session, it fluctuated between a low of 2,620.16 points and a high of 2,652.23 points. The FTSE/ASE-20 index of blue chips declined 0.42 percent to close at 1,444.26 points. Mid-caps and small-caps dropped 0.69 percent and 0.41 percent respectively. Two blue chips that bucked the trend were OTE Telecom and state betting organization OPAP, which gained 1.11 percent and 1.19 percent respectively on the back of favorable reports by foreign investment banks. However, OTE mobile telecommunications subsidiary CosmOTE, also the subject of favorable reports, including a Citigroup report raising the target price to 17 euros per share, declined 1.56 percent, closing at 13.88 euros. Emporiki Bank’s rising stretch was halted, with a 2.29 percent drop, to 23.92 euros. Other banks fell less spectacularly. Out of 358 traded stocks, 109 gained, 181 declined and 68 ended unchanged. Turnover dropped to 167.05 million euros, including 16.75 million in prearranged trades.