Cheap finds stem losses

The Athens Stock Exchange (ASE) composite share price index closed last Friday at 3,789.02 points, a decline of 89.78 points or 2.31 percent on the previous week’s close. A strong showing on Friday, as investors went bargain hunting, helped limit the week’s losses. Turnover dropped to 2.21 billion euros, an average of 441.21 million euros per session, from 521.16 million the previous week. All major indices declined: The FTSE/ASE 20 index of blue chips declined 1.92 percent to close at 2,030.73 points, while the FTSE/ASE Mid 40 declined 4.87 percent to close at 4,182.63 points and the FTSE/ASE Small-Cap 80 declined 5.27 percent. The composite FTSE/ASE 140 index declined 2.56 percent to close at 4,519.87 points, while the FTSE/Athex International index declined 2.34 percent to close at 5,296.44 points. All sectoral indices but one sustained losses. The exception was financial services, which gained 0.42 percent. Top losers were technology (9 percent), raw materials (8.60 percent), media (8.41 percent) and industrial goods and services (6.28 percent). Among individual titles, the top gainers were Livanis (36.11 percent), Emborikos Desmos (21.74 percent) and Elviemek (20 percent). Top losers were Tria Alfa (27.74 percent), Perseus (21.43 percent) and Douros (19.38 percent). National Bank topped the list of the most heavily traded shares, with an average turnover of 49.10 million euros per session. It was trailed by OPAP (40.70 million), EFG Eurobank (39.89 million), OTE (31.39 million) and Alpha Bank (28.82 million).