Downgrades weigh on stocks

Greek stocks lost 1.34 percent yesterday after Moody’s cut its rating on five of the country’s largest lenders, increasing selling pressure in the banking sector. The Athens bourse’s benchmark general index ended at 2,067.49 points, falling for a third consecutive session. The blue chip FTSE/ATHEX 20 index shed 1.65 percent to 1,025.69 points. Banks gave up 2.19 percent, with Eurobank underperforming, dropping 2.86 percent to 6.80 euros. Power company Public Power Corporation slumped 5.04 percent to 13 euros after its 2009 profit figures disappointed investors on Tuesday. The stock gave up just over 4 percent on Tuesday. Turnover reached 133.4 million euros versus 145 million in the previous session.

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