ECONOMY

Bank fears force stock correction

Stocks on the local bourse registered a significant correction yesterday after four consecutive days of growth, owing to negative expectations about National Bank’s share capital increase and pan-European worries about the future of the continent’s lenders. The Athens Exchange (ATHEX) general index closed at 1,618.31 points yesterday, declining by 3.29 percent from Monday’s close at 1,673.40 points. In the four days of growth, the index had marked a total rise of 7.59 percent. The blue chip FTSE/ATHEX 20 index contracted by 3.75 percent yesterday to end at 792.11 points. The only blue chip to stay afloat was Bank of Cyprus (up 0.43 percent), as all other banks suffered serious losses. National declined by 7.14 percent, Eurobank EFG lost 7.12 percent, Alpha declined by 5.07 percent and Piraeus Bank contracted by 4.94 percent. Marfin Investment Group dropped by 4.90 percent and Ellaktor by 4.68 percent. A total of 35 stocks headed north, 134 went down and 39 remained unchanged. Biokarpet led the gainers with a 9.68 percent rise, while Atti-Kat posted the biggest losses (down 13.33 percent). Turnover came to 93.3 million euros, up from Monday’s 89.1 million.