ECONOMY

Mytilineos, banks bear brunt of selling pressure

The Athens Exchange (ATHEX) benchmark index yesterday fell the most in two months, declining 92.32 points, or 2.2 percent, to 4,165.62, amid a deteriorating climate on international markets. The FTSE/ATHEX 20 index of the country’s biggest companies declined 2.3 percent to 2,202.93 points, with banks bearing the brunt of pressure. The following stocks were among the most active yesterday: OTE telecom dropped for a second day, losing 1.4 percent to 18.40 euros. Moody’s Investors Service downgraded the credit rating of Greece’s biggest telephone company to Baa2 from Baa1. Mytilineos Holdings declined 5.3 percent to 8.28 euros, its lowest close in more than a month. The metals and energy group said after the market close that first-quarter net income fell to 4.3 million euros ($6.7 million) from 30.2 million euros a year earlier as it didn’t repeat one-time gains. The Piraeus Port Authority rose 2.6 percent to 24.16 euros, the most in more than a week. Greece’s largest port has been approached by four foreign companies interested in taking over the port’s automobile terminal. OPAP was the only blue chip to stay afloat, nudging 0.1 percent higher. Coca-Cola HBC and Bank of Cyprus slumped 4.5 percent and Hellenic Postbank fell 3.6 percent. Turnover totaled 328 million euros. (Bloomberg, Kathimerini)