ECONOMY

Stocks take a further beating

A downbeat Moody’s report on the Greek economy and widening of spreads between the Greek 10-year bond and the German Bund yesterday exacerbated Tuesday’s heavy losses incurred by stocks in Athens. The Athens Exchange (ATHEX) general index closed at 2,173.67 points yesterday, down 1.18 percent from Tuesday’s close at 2,199.53 points. The blue chip FTSE/ATHEX 20 index contracted by 1.80 percent to end at 1,105.69 points. OTE bucked the trend among blue chips and posted gains of 5.91 percent, followed by Coca-Cola HBC (up 1.95 percent). Worst off were the blue chips of National Bank (down 4.63 percent), Alpha Bank (4 percent), Titan Cement (3.49 percent) and Piraeus Bank (3.33 percent). Turnover amounted to 239 million euros.