PPC, OPAP lead decline, bucking European trend

Greek stocks fell for a fourth day. The Public Power Corporation (PPC), the country’s biggest power company, and metals group Mytilineos led declines. Other European bourses were higher. The Athens Exchange (ATHEX) benchmark index slid 0.3 percent, to 4,846.27 as 27 of its 60 constituent stocks gained, 26 fell and seven were unchanged. The FTSE/ATHEX 20 index of the country’s largest companies was little changed at 2,578.02. The mid-cap and small-cap indices were down 1.1 percent and 0.1 percent, respectively. PPC fell 3.5 percent, Mytilineos tumbled 3.6 percent and gaming and lottery firm OPAP lost 2.2 percent. By contrast, Viohalco and Marfin Popular Bank led blue chip advances, climbing 4.4 percent and 3.9 percent, respectively. The banks sectoral index gained 0.23 percent. The relative strength index was 24.19 on a 14-day basis at the close of trading on January 11. A reading of less than 30 indicates the shares may rise, according to some technical analysts. The measure is derived from averaging out the stock’s gains and losses over a given period. Piraeus Port Authority (OLP) fell 5 percent as dockers said they would strike, protesting the government’s invitation for bids for managing two container terminals, The Cypriot General Market Index added 0.1 percent to 4,393.64. (Kathimerini, Bloomberg)