Kokkalis probe takes its toll
The Athens Stock Exchange suffered five losing sessions over the week. Already weak investor sentiment was further hit by Monday’s announcement of a judicial investigation into the activities of Intracom group Chairman Socrates Kokkalis and the resulting press reports that continued throughout the week. As a result, the composite price index slid 137.12 points, or 5.51 percent, from a week earlier, to close at 2,351.66 on Friday. The volume of trading was 564.84 million euros – a daily average of 112.97 million. The FTSE/ASE-40 index of mid-caps was the biggest loser among the FTSE indices, falling 6.45 percent. The blue chip FTSE/ASE-20 and the small-cap FTSE/ASE-80 indices also moved lower, by 5.31 percent and 5.12 percent, respectively. All sectoral indexes fell. Hardest hit were holding companies (9.75 percent), wholesale commerce (7.88 percent) and publishing and printing firms (7.82 percent). Non-metallic minerals fared relatively better, dropping «only» 1.44 percent. Of the 369 stocks traded, 328 dropped in value, 33 gained, and eight remained unchanged. The biggest beneficiaries of the week were newly listed Dias Fisheries, which rose 107.69 percent, and the preferred shares of Xifias Fisheries, up 27.56 percent. The main losers were Intracom (28.64 percent) and Intracom Construction (25.30 percent). Intracom was the most heavily traded stock with a daily average of 13.55 million euros changing hands. TUESDAY
