ECONOMY

Stocks give up 4 pct over week

Greek equities fell yesterday despite moderate gains in index heavyweight National Bank (NBG), as mid-caps underperformed. The Athens bourse’s benchmark general index gave up 0.76 percent to 1,524.15 points, bringing its losses for the week to just over 4 percent. The blue chip FTSE/ATHEX 20 index eased 0.51 percent to end at 741.63 points. Banks gave up 0.98 percent. National Bank (NBG) added 0.98 percent yesterday to 9.20 euros. Late on Thursday, Greece’s securities regulator approved NBG’s plan for a 2.8-billion-euro capital increase. The plan includes a rights issue, a convertible bond and the sale of a stake in Turkish unit Finansbank. NBG shares will trade ex-rights on Tuesday. Bank of Cyprus advanced 3.02 percent to 4.10 euros. Eurobank EFG plummeted 5.02 percent to 4.62 euros and peer Alpha dropped 3.33 percent to 4.93 euros. Power plant builder Metka ended unchanged at 8.58 euros. Piraeus Securities reinstated coverage of Metka with an outperform rating and a 10-euro target price, implying a 16 percent upside from current price levels. Turnover reached 172 million euros, versus 77 million in the previous session.