ECONOMY

Losses across the board on imported volatility

Greek stocks yesterday moved south, amid an ongoing deterioration of sentiment elsewhere in Europe, with losses accelerating during the latter part of the session. Small-caps were the hardest hit. The Athens Exchange (ATHEX) general index closed 0.79 percent lower at 5,045.77 points, the FTSE/ATHEX 20 blue chip index lost 0.84 percent, the FTSE/ATHEX Mid-40 shed 0.91 percent and the FTSE/ATHEX 80 small-cap index slumped 1.73 percent. Only three blue chips ended in positive territory. Eurobank added 1.13 percent, Viohalco advanced 0.81 percent and Coca Cola HBC gained 0.29 percent. By contrast, Cosmote tumbled 2.86 percent, Intralot slumped 2.79 percent, OPAP descended 2.58 percent, Hellenic Technodomiki lost 2.42 percent and Postal Savings Bank was 1.87 percent leaner. Banks ATE, Piraeus, Marfin Popular and Cyprus also came under strong pressure. All but two of the 17 sectoral indices headed south. Media was hardest hit, tumbling 3.64 percent. Turnover came to -513.82 million, of which -100.93 million corresponded to block trades. Analysts said it was clear that stock markets worldwide had now entered a period of significant volatility – characteristic of markets testing new highs – which is bound to affect Athens to a significant degree.