Stocks down after days of growth

The Greek bourse posted a rather abrupt correction yesterday, as investors reaping gains from five consecutive sessions of growth for the main index. The Athens Exchange (ATHEX) general index closed at 1,579.14 points, contracting by 2.92 percent from Monday’s close at 1,626.60 points. The blue chip FTSE/ATHEX 20 index posted a decline of 3.47 percent to end the day at 768.47 points. A major reason behind the drastic decline is worries over the negative macroeconomic news coming from global markets. All but one blue chip posted losses, led by ATEbank (down 6.25 percent), Alpha Bank (5.21 percent), National Bank (4.91 percent), Piraeus Bank (4.84 percent), Marfin Popular Bank (4.21 percent) and Bank of Cyprus (4.07 percent). Hellenic Petroleum’s stock remained unchanged. Notably, 92 percent of transactions yesterday concerned blue chips. Overall, 39 stocks moved up, led by Loulis Mills with a 8.78 percent rise, 125 went down, with Texapret shedding 10 percent, and 50 remained unchanged. Turnover came to 113.3 million euros.

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