Low turnover deprives the market of power

Greek stocks edged higher in thin trade yesterday, but failed to tap the positive climate abroad and inspire confidence in short-term prospects. Investors seemed to adopt a wait-and-see attitude in view of the expiry of the deadline for bids for Emporiki bank today and the expected first-half results of listed firms. The Athens Stock Exchange (ASE) benchmark index was up 0.46 percent to 3,610.25 points. Market sources believe that in the absence of positive or negative surprises, the scenario of accumulation looks the most prevalent. Mid-caps gained the most, with the FTSE/ASE Mid-40 index gaining 1.02 percent. The blue chip FTSE/ASE 20 index edged 0.28 percent higher and the FTSE/ASE Small-Cap 80 was up 0.43 percent. Duty Free Shops led blue chips with gains of 2.52 percent, Coca-Cola HBC advanced 2.49 percent and Titan climbed 2.25 percent. Piraeus Bank, ATEbank, Public Power Corporation and Intracom all gained more than 1 percent. In contrast, Alpha Bank, whose general meeting approved a 50-million-euro share capital increase, ended 1.25 percent lower. Hellenic Petroleum, Eurobank, OPAP and Folli Follie were all lower. Turnover fell to a new low of 141.17 million euros.