ECONOMY

Stocks end the week 1.5 percent lower

Greek stocks failed to hold onto mid-session gains yesterday, ending down 0.52 percent as sellers drove banks lower on a continued flow of earnings figures from the sector. The Athens bourse’s benchmark general index ended at 1,570.22 points, closing the week with a 1.56 percent loss. The blue chip FTSE/ATHEX 20 index eased 0.68 percent to end at 756.41 points. Banks, which fell 1.29 percent yesterday, booked losses of 3.22 percent for the week. Alpha Bank fell 3.13 percent to 4.65 euros after reporting on Thursday a first-quarter loss of 10.4 million euros. Investment bank UBS cut its target price on the stock to 5.80 euros, from 7.50 euros previously, while maintaining its «buy» rating on Alpha. Piraeus Bank, which yesterday reported an 87 percent drop in profits, tumbled 2.97 percent to 4.24 euros. Among the day’s winners was power company PPC, which jumped 2.73 percent to 12.78 euros. Marfin Investment Group also outperformed, adding 2.86 percent to 1.08 euros. Betting company OPAP, whose first-quarter earnings beat expectations on Thursday, also gained, rising 0.24 percent to 12.41 euros. Turnover reached 133.2 million euros versus 127 million in the previous session.