Stocks end the week on a sour note

Greek stocks ended a four-session positive run yesterday, posting a drop of 2.34 percent as investors cashed in on recent gains. The Athens bourse’s benchmark general index ended at 1,506.32 points but managed to hold onto gains of 4.6 percent for the week. The blue chip FTSE/ATHEX 20 index fell 2.56 percent to 719.69 points. Banks gave up 2.85 percent. National Bank retreated 3.56 percent to 7.04 euros while peer Alpha took heavy losses, tumbling 5.83 percent to 4.52 euros. State-controlled lenders Hellenic Postbank (TT) and ATEbank outperformed on speculation that they will be soon put up for sale as part of the government’s 2011 privatization program which aims to raise 1 billion euros. TT jumped 6.29 percent to 3.38 euros and ATEbank rose 5.06 percent to 0.83 euros. OTE telecom shed 2.59 percent to 7.16 euros, power company PPC eased 0.70 percent to 11.27 euros and Coca-Cola Hellenic ended the day at 19.50 euros, off 3.23 percent. The mid-cap FTSE/ATHEX 40 index ended down 1.21 percent, while the small-cap FTSE/ATHEX 80 index dipped 1.79 percent. Turnover slipped to 81.2 million euros, from 91 million in the previous session.

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