Correction halts ASE’s prolonged upward rush

Stocks slipped yesterday on the Athens Stock Exchange (ASE) in what analysts said was the first major correction of this year. The market’s upward surge was halted as the negative mood in other European markets – due to rising oil prices – finally spread to the ASE. The ASE composite share price index closed at 3,893.96 points, a decline of 52.95 points or 1.34 percent. Earlier in the session, it had reached 3,873.19 points. The FTSE/Athex 20 index of blue chips declined 1.37 percent to close at 2,142.67 points, while mid-caps and small-caps declined 1.47 percent and 1.12 percent respectively. The new FTSE/Athex International index declined 1.25 percent to close at 5,335.37 points. Some blue chips bucked the trend and ended with gains: They were cement producer Titan (up 2.67 percent to 33.88 euros), Duty Free Shops (1.84 percent to 16.62 euros), Emporiki Bank (1.19 percent to 28.82 euros), telecommunications equipment manufacturer Intracom (0.57 percent to 7.02 euros) and bottler Coca-Cola HBC (0.08 percent to 25.50 euros). By contrast, significant losses were suffered by ATEBank and Alpha Bank, PPC and OPAP. Of 325 traded shares, 57 gained, 242 declined and 26 ended unchanged. Turnover reached 379.73 million euros, including 15.8 million in prearranged trades.

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