ECONOMY

National Bank descent dominates in thin trade

Thin trading in Greek stocks yesterday was marked by subdued interest in blue chips, low volatility and a lack of pointers regarding short-term prospects. The Athens Stock Exchange (ASE) general index edged just a notch lower, 0.01 percent, to 3,929.29 points. The blue chip FTSE/ASE 20 index shed 0.09 percent, the FTSE/ASE Mid-40 added 0.06 percent and the FTSE/ASE Small-Cap 80 was 0.23 percent higher. Analysts said that the prospects for an upward move of the index are better than for any correction in the short term. However this would require the formation of a strong base for National Bank, which yesterday remained under selling pressure on high turnover for the third consecutive day, ending 1.07 percent lower. National is expected to rebound in view of expected spectacular first-half results before the end of the month. Folli Follie outperformed other blue chips by soaring 5.88 percent, Intracom advanced 2.33 percent and Emporiki rebounded 2.15 percent higher. Most sectoral indices ended in positive territory, led by technology with gains of 1.57 percent. Media saw the steepest decline, 0.97 percent. Banks were down 0.29 percent. Turnover fell sharply to 140.53 million euros, of which 25.44 million was accounted for by National Bank.