ECONOMY

Gloom is back as blue chips decline

The Athens Exchange (ATHEX) last week returned to the gloomy climate, with the benchmark index shedding 1.92 percent to close at 4,096.50 points on Friday. The improvement of small caps was not enough to pull the general index higher amid growing international concern about soaring oil prices and the slide of the dollar. The Greek market’s early closure on Friday helped it avoid the massive drop suffered by the New York market, the worst of the past year as macroeconomic figures in the US give rise to extensive concern. The bearish mood is expected to continue well inside the new week, although the general index is widely expected to stay above the 4,000-point mark for the present. There are, however, certain stocks that remain resilient to pressures and they will be the target of buying investors over the week provided the general decline continues. Average daily turnover fell last week by over 100 million euros to 264 million.