ECONOMY

Investment stocks buck trend, up 5.29 pct

Equities fell more than 1 percent yesterday as investors took a cue from abroad and cashed in recent gains while investment stocks bucked the trend after news that two of the largest closed-end funds will merge. EFG Eurobank’s plans to merge with two subsidiary closed-end funds – Ergo Investments and Development Fund – via a share swap lifted hopes of similar moves being made by other banks seeking to take advantage of closed-end funds trading at discounts, analysts said. Ergo Investments soared 13.21 percent to 1.20 euros and Development Fund jumped 9.46 percent to 1.62 euros. Investment companies added 5.29 percent. The Athens benchmark general index dropped 1.05 percent to 1,829.10 points. Blue chips eased 1.62 percent, mid-caps, 0.83 percent, and small-caps, 0.19 percent. Turnover was 73.54 million euros on 25.9 million shares traded. Losers beat winners 228 to 95 with 35 shares unchanged on 358 traded. (Reuters)