ECONOMY

OPAP results hurt market

The Athens Stock Exchange (ASE) general index recorded weekly losses of 2.23 percent on Friday, closing at 3,855.21 points, mainly due to corporate results published over the last week and particularly those of OPAP, which sent its stock 7.55 percent lower on Friday. Before the market started its decline it hit a mid-session high of 3,969 points on Tuesday, which is a record for the last three months. But then the OPAP stock spurred a domino effect on most blue chips. The blue chip FTSE/Athex 20 index lost 2.78 percent, while the medium-capitalization FTSE/Athex Mid-40 actually gained 0.19 percent. The FTSE/Athex Small-Cap 80 declined by 0.41 percent. All but two sectoral indices also lost ground, led by travel and leisure (-5.69 percent), telecommunications (-2.96 percent), technology (-2.86 percent) and food and beverages (-2.84 percent). On the other hand, the household goods’ index added 2.96 percent and chemicals gained 0.51 percent. Observers, however, see last week’s performance as a mere correction ahead of fresh buying from this week. It coincided with a climate of reservation in foreign markets, with investors showing notable reluctance. The deadline for the publication of corporate results for the year’s first half approaches (August 31), and the gradual return of many investors from their summer vacations is expected to shape up the new week. Turnover totaled 1,168.34 million euros, an average of 233.67 million euros per day against 207.46 million in the previous week.