Summer takes its toll on local stocks

In a rather sleepy week, with many investors thinking of or already enjoying vacations, stocks on the Greek bourse had a marginal decline, with the drop in turnover being much more dramatic, at over 15 percent. The Athens Exchange (ATHEX) general index closed the week at 3,378.05 points, down by 0.72 percent from the previous week’s close of 3,402.38 points. Emporiki Bank analysts suggest that the scenario of a rise toward the 3,600-3,640 point mark is quite likely, as long as the index remains north of the 3,330-point level. If this level is not sustained, then the next rebound can be expected in the region of between 3,200 and 3,100 points. The index was clearly driven lower by blue chips (down by 1.55 percent), as mid-caps posted a 1.58 percent rise and the small-cap index remained virtually unchanged (up 0.02 percent). Outperforming among sectoral indices was that of mass media with a 5.94 percent rise, while the utilities index suffered the biggest losses (down 8.79 percent).