ECONOMY

ASE follows European markets, erases gains

Stocks declined yesterday on the Athens Stock Exchange (ASE), erasing gains made over four sessions, as the negative climate in European markets led to mass sales to lock in short-term profits. The ASE general index closed at 3,351.20 points, a decline of 38.49 points or 1.14 percent. The FTSE/ASE-20 index of blue chips declined 1.19 percent to close at 1,863.74 points, while mid-caps and small-caps declined 0.71 percent and 0.58 percent respectively. Blue chips that sustained significant losses were National Bank (down 2.58 percent to 32.48 euros), OTE Telecom (2.30 percent to 16.98 euros), refiners Motor Oil (2.28 percent to 18 euros) and Hellenic Petroleum (2.24 percent to 12.24 euros) and mobile telecommunications provider CosmOTE (1.25 percent to 17.06 euros). In contrast, construction group Hellenic Technodomiki gained 1.45 percent to close at 4.209 euros, while telecommunications equipment-maker Intracom gained 1.11 percent, closing at 5.48 euros. Electronics retailer Germanos and betting company OPAP had marginal gains. Of 334 traded stocks, 86 gained, 176 declined and 72 ended unchanged. Turnover reached 211.33 million euros, including 22.27 million in prearranged trades. Total capitalization now stands at 116.14 billion euros.