Short-term uncertainty results in little action

Greek stocks edged lower in minimal volatility yesterday, amid a negative mood in international markets, even though the big European bourses trimmed initial losses after the announcement of lower-than-expected wholesale inflation data for August in the USA. The Athens Stock Exchange (ASE) general index was 0.08 percent lower at 3,886.89 points, with most sectoral indices closing in positive territory. Technology led with gains of 1.37 percent, while insurance and utilities were 0.76 percent higher. Financial services, media and telecommunications slipped the most. Banks were 0.03 percent lower. Blue chips seemed to be affected by skirmishes between buyers and sellers. The FTSE/ASE 20 index edged 0.04 percent higher, the FTSE/ASE Mid 40 gained a meager 0.03 percent and the FTSE/ASE Small-Cap 80 inched up 0.09 percent. Among blue chips, Intracom added 1.24 percent; Motor Oil was 0.78 percent higher; National Bank gained 0.68 percent and the Public Power Corporation advanced 0.65 percent. Piraeus Bank and Cosmote were the biggest losers, declining 0.98 percent and 0.74 percent respectively. Turnover totaled 202.36 million euros. Analysts said short-term prospects will only become clearer if the index breaks or falls through the 3,960- or 3,860-point levels respectively on higher turnover.