Late-session selling trims stock gains
A flurry of selling toward the end of the session trimmed gains on the Athens bourse yesterday, with the market ending 0.34 percent higher. The Athens benchmark general index closed at 1,547.01 points, retreating 2.69 percent for the week. The blue chip FTSE/ATHEX 20 index firmed 0.21 percent to 754.51 points. Power company PPC dipped 2.69 percent to 11.58 euros. Earlier, UBS upgraded its rating on PPC to neutral from sell. Betting company OPAP ended unchanged at 11.58 euros. In a conference call to analysts yesterday, OPAP said it would focus on reducing costs by 10 percent and improving operating efficiency. Management also said it was too early to comment on the Finance Ministry opening a public discussion into how to regulate the country’s gambling sector. OTE telecom outperformed, adding 1.31 percent to end at 5.42 euros. HSBC cuts its price target on OTE to 6 euros from 10 previously. Coca-Cola Hellenic advanced 2.83 percent to 17.80 euros. Banks firmed 0.06 percent but wrapped up the week 1.86 percent in the red. Eurobank added 0.39 percent to 5.10 euros and Piraeus Bank finished flat at 4.15 euros. Turnover reached 61.7 million euros versus 81 million in the previous session.
