Stocks slip for a sixth session
Greek stocks fell for a sixth straight session yesterday after news that the economy is in worse shape than first thought. The Athens bourse’s benchmark general index shed 1.31 percent to 1,628.28 points, ending slightly off session lows. The blue chip FTSE/ATHEX 20 index gave up 1.29 percent to 790.87 points. Banks shed 1.41 percent despite news of financial services company UBS upping price targets for several Greek lenders. UBS increased its price target on Alpha Bank to 7 euros, from 5.80 euros, and put a «buy» rating on the stock. Alpha Bank shares gave up 1.61 percent to 5.51 euros. UBS also raised its price target on EFG Eurobank to 6.70 euros (from 5 euros) and National Bank (NBG) to 12.80 euros (from 12.60 euros). Both stocks have a «neutral» rating from UBS. EFG Eurobank yesterday gave up 2.15 percent to end at 5.45 euros and NBG lost 1.52 percent at 10.40 euros. Hellenic Postbank, in which Piraeus Bank has offered to buy a majority stake from the government, jumped 4.23 percent to 4.44 euros, bringing gains in the last 30 days to 70 percent. Turnover reached 83.4 million euros versus 64.7 million euros previously.
