ECONOMY

ASE stages rebound after initial selling run

Greek stocks put up strong resistance to an initial selling run, largely fueled by big losses elsewhere in Europe as the European Central Bank prepared to announce yet another hike in its basic rate. Despite falling as much as 3.66 percent after the opening, the Athens Stock Exchange (ASE) general index closed 0.86 percent lower at 3,475.50 points. The final picture was considered better than in most other bourses, both developed and emerging. Mid- and small-caps bore the brunt of sales, with the FTSE/ASE Mid-40 and FTSE/ASE Small-Cap 80 indices shedding 2.21 percent and 2.82 percent respectively. The blue chip FTSE/ASE 20 index was 0.45 percent lower as several heavyweights bucked the trend. Coca-Cola HBC outperformed other blue chips by surging 3.65 percent. OTE telecom advanced 1.63 percent and National Bank added 1.01 percent. Only three of the 17 sectoral indices headed north, food and drink with 2.28 percent, telecoms with 1.14 percent, and commerce with 0.15 percent. Insurance crashed 6.00 percent lower and banks lost 0.72 percent. Turnover totaled 367.77 million euros. The most marketable securities were OTE, National Bank, OPAP and Bank of Cyprus.