China syndrome hits again, small-caps resist

Another day of substantial losses on the Shanghai bourse yesterday (-8.26 percent) sent jitters throughout the world but Greek stocks on the whole were more affected than others. Blue chips were the worst hit while small-caps continued their advance. The Athens Exchange (ATHEX) general index shed 1.12 percent to close at 4,917.67 points. The FTSE/ATHEX 20 blue chip index was down 1.37 percent, at 2,628.30 points. The FTSE/ATHEX Mid-40 fell 0.30 percent to 6,273.75 points, and the FTSE/ATHEX 80 small-cap index ended 0.95 percent higher at 1,094.54 points. Heavyweight National Bank led blue chip decliners with a loss of 3.05 percent, Viohalco slumped 2.77 percent, OTE was down 2.76 percent, Public Power Corporation fell 2.33 percent, and EFG Eurobank was 1.72 percent leaner. Banks Emporiki and Postal Savings also came under strong pressure. Of all blue chips in the FTSE/ATHEX 20, only three headed north, Titan cement firm 1.89 percent, Hellenic Petroleum 0.88 percent and ATEbank 0.51 percent. Motor Oil was unchanged. Turnover totaled -444.80 million, including -80.17 million in block trades. Some analysts take the view that the ECB’s expected 25 basis points hike in its basic rate tomorrow will intensify any correction pressures.

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