Eurobank and CCHBC lead continuing slide

Greek stocks fell for a third consecutive day yesterday. EFG Eurobank, the country’s second-largest bank, dropped to the lowest in more than a year. Coca-Cola Hellenic Bottling Co, the world’s second-biggest bottler of Coke drinks, sank the most in four years. The Athens Exchange (ATHEX) benchmark index lost 2.1 percent, to 4,858.35 points as 46 stocks declined, nine rose and five were unchanged. The gauge dropped 5 percent this week, its biggest weekly decline since March 2007. The FTSE/ATHEX 20 index of the country’s largest companies shed 1.9 percent to 2,578.06. Mid- and small-caps dropped 2.1 percent and 0.9 percent respectively. Eurobank fell 3.7 percent, to -20.60, the lowest since October 2006. The stock sank 4.2 percent yesterday, the most in two months, after Deutsche Bank AG downgraded the shares to «hold» from «buy.» Coca-Cola HBC fell 6 percent, to -29.60, the biggest decline since December 1, 2003. National Bank declined 1.9 percent, to -45.02. AB Vassilopoulos gained 0.8 percent to -35.30. HSBC raised its target price for the stock to -50 from -35.50 on improved margins outlook and maintained the overweight rating. The food and beverages sectoral index led losers with 5.5 percent. Turnover totaled 625.5 million euros. (Bloomberg, Kathimerini)