Blue chips lose steam but Folli outperforms

Greek stocks shed some hefty initial gains in the last two hours of trading yesterday, as a number of blue chips came under pressure. The Athens Stock Exchange (ASE) general index closed up 0.51 percent at 4,649.53 points, after rising as much as 1.30 percent. The FTSE/ASE 20 blue chip index gained 0.68 percent, the FTSE/ASE Mid-40 was down 0.15 percent, while the FTSE/ASE 80 small-cap index nudged up 0.15 percent. Jewelry retailer Folli-Follie outperformed among blue chips, closing 8.71 percent higher at 28.72 after brokerage Goldman Sachs initiated coverage of the stock. Folli-Follie was rated “buy” with a 12-month price estimate of 40.50 a share. Gaming group OPAP rebounded with gains of 3.16 percent and metals group Viohalco continued its ascent, closing 2.86 percent higher. Cosmote added 2.68 percent, Titan advanced 2.18 percent and Hellenic Technodomiki was up 2.01 percent. Intralot, banks National, Alpha and Cyprus, Motor Oil and OTE also gained. By contrast, Eurobank slumped 3.23 percent, and Coca-Cola HBC, Public Power Corporation, and banks ATE, Emporiki, Piraeus and Postal Savings also headed south. Travel and entertainment and personal and household goods led most sectoral indices higher. Turnover thinned to 451.87 million, including 85.27 million in prearranged block trades.

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