Stocks trim weekly gains

Greek equities slipped 1.23 percent yesterday on continued weakness in banks after Standard and Poor’s cut its ratings on two of the country’s larger lenders, Eurobank and Alpha. The Athens bourse’s benchmark general index ended at 2,168.43 points, trimming weekly gains to 0.36 percent. The blue chip FTSE/ATHEX 20 index shed 1.70 percent to 1,107.06 points. Banks lost 2.30 percent with National Bank falling 4.08 percent to 17.41 euros. Alpha and Eurobank each retreated, 2.42 and 2.56 percent respectively. On the upside, state-controlled lenders ATEbank and Hellenic Postbank outperformed, rising 4.42 percent and 5.21 percent respectively. Brokers said speculation that the lenders will be targeted in the government’s privatization program next year spurred buying in the shares. Turnover reached 195.3 million euros.

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