ECONOMY

Small-caps outperform

The Athens Stock Exchange (ASE) composite share price index closed on Friday at 4,048.72 points, a gain of 90.02 points or 2.27 percent on the previous week’s close, mainly powered by medium- and small-capitalization stocks, which outperformed. Turnover declined to 1.96 billion euros, an average of 393 million euros per session, from 446.93 million the previous week. The FTSE/Athex 20 index of blue chips gained 1.82 percent, the FTSE/Athex Mid-40 advanced 5.22 percent and the FTSE/Athex Small-Cap 80 surged 7.17 percent higher. Fourteen of the 17 sectoral indices headed north, led by health care (10.74 percent), raw materials (up 10.24 percent) and mass media (9.31 percent). On the downside, utility services suffered most, shedding 1.72 percent. Among individual companies, the top gainers were Elfiko (up 72.12 percent) and Kekrops (55.13 percent). Top losers were Promota Hellas (down 14.29 percent) and Hellatex (13.33 percent). Analysts said if the Small-Cap 80 succeeds in regaining the 750-point level this week, it will significantly improve its technical analysis picture. They also argue that signs of a correction at the end of Friday’s session and the slowdown in gains in foreign markets should make investors pay added attention to technical analysis in order to readjust their strategies to the more volatile conditions. The Bank of Cyprus topped the list of the most heavily traded shares, with an average turnover of 26.60 million euros per session.