ECONOMY

Market overcomes early losses, stabilizes

Stocks gained slightly yesterday on the Athens Stock Exchange (ASE), as the market stabilized following two sessions with strong gains. The ASE compound share index closed at a new year-high of 4,331.09 points, a gain of 4.70 points or 0.11 percent. During the session, it fell as low as 4,304.58 points as investors locked in short-term gains. The FTSE/ASE 20 index of blue chips gained 0.07 percent to close at a year-high of 2,395.63 points, while mid-caps and small-caps declined 0.22 percent and 0.86 percent respectively. The FTSE/Athex International gained 0.03 percent, closing at 6,224.31 points. Nine of 17 sectoral indices gained. The biggest gainers were oil and gas (0.93 percent), financial services (0.61 percent) and telecommunications (0.43 percent). The biggest losers were foods and beverages (1.42 percent), media (1.39 percent) and chemicals (0.96 percent). Among blue chips, EFG Eurobank (up 2.99 percent to 28.26 euros) and mobile telecommunications company Cosmote (1.14 percent to 21.32 euros) set new year-highs. Other big gainers were refiner Motor Oil (1.49 percent to 20.50 euros) and jewelry and accessories maker and retailer Folli-Follie (1.38 percent to 24.90 euros). Turnover reached 345.93 million euros, including 31.53 million in prearranged trades.