Stocks dip, ending positive run
Greek stocks ended in negative territory yesterday, bringing a five-session positive streak to an end following Moody’s decision to cut its rating on Greek government bonds to junk status. The Athens bourse’s benchmark general index fell 0.69 percent to 1,530.04 points after seesawing between negative and positive territory. The blue chip FTSE/ATHEX 20 index shed 1.05 percent to end at 733.16 points. Banks dipped 1.70 percent. National Bank fell 2.44 percent to 10 euros after Credit Suisse cut its price target on the stock to 10.90 euros from 11.50 euros, reiterating its neutral rating. Greece’s second-largest lender, Eurobank, dipped 1.19 percent to 4.14 euros. Earlier, Citigroup lowered its price target on Eurobank shares to 4.50 euros from 5.25 euros. Citigroup also cut its price target on Alpha Bank to 4.75 euros from 5 euros as the stock dipped 2.74 percent yesterday to 4.62 euros. Among the outperformers was OTE telecom, which added 2.56 percent to 6 euros. The company is scheduled to hold its annual general assembly today. Hellenic Exchanges, the operator of the Athens bourse, jumped 4.70 percent to 5.20 euros. Turnover reached 111.17 million euros versus 114 million in the previous session.
