Drop continues for local stocks

Stocks on the Greek bourse dropped for the third session in a row yesterday, with banks at the forefront of investor selling. The Athens Exchange (ATHEX) general index came to 1,870.81 points yesterday, shrinking by 1.14 percent from last Friday’s close. The blue chip FTSE/ATHEX 20 index declined by 1.52 percent to 967.52 points. Expectations remain low and the prevailing negative mood will require something drastic to change. Only three blue chips posted gains in excess of 1 percent: OTE telecom rose by 1.94 percent, Public Power Corporation climbed 1.37 percent and OPAP advanced by 1.01 percent. Alpha Bank led the losers with a 4.87 percent decline, followed by Bank of Cyprus (down 4.21 percent), National Bank (3.56 percent) and Eurobank EFG (3.39 percent). Turnover came to just 82.4 million euros.