Stock market correction extends into third day

Stocks declined yesterday on the Athens Stock Exchange (ASE) for the third session in a row, in what analysts still call a necessary correction after an especially strong run earlier this year. The ASE composite share price index closed at 4,066.61 points, a drop of 24.83 points or 0.61 percent. The FTSE/Athex 20 index of blue chips declined 0.84 percent to close at 2,218.20 points, while mid-caps and small-caps declined 0.08 and 0.50 percent respectively. Just three blue chips ended with modest gains: refiner Hellenic Petroleum (up 0.81 percent to 12.40 euros), Duty Free Shops (0.60 percent to 16.80 euros) and mobile telecommunications service provider Cosmote (0.32 percent to 18.66 euros). Among the rest, the biggest losses were sustained by technology holding company Intracom (down 5.07 percent to 7.12 euros), metals group Viohalco (2.44 percent to 9.60 euros), cement producer Titan (2.11 percent to 36.10 euros), electricity company PPC (1.44 percent to 17.74 euros), Alpha Bank (1.14 percent to 29.44 euros) and National Bank (1.03 percent to 38.50 euros). Of 326 traded shares, 98 gained, 183 declined and 45 ended unchanged. Turnover reached 298.29 million euros, including 36.4 million in prearranged trades.

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