ATHEX: Mouzalas’s gaffe sends stocks lower

The storm within the government over remarks by Alternate Minister for Migration Yiannis Mouzalas late Tuesday spooked investors on Wednesday, leading to losses for the majority of stocks on the Greek bourse. However, the positive signals emerging from the talks between the government and the country’s creditors in Athens kept a lid on the morning decline. It appears traders are determined to buy the prospect of an agreement that will release the pending bailout installment.

The Athens Exchange (ATHEX) general index closed at 571.73 points, shedding 1.31 percent from Tuesday’s 579.30 points. The large-cap FTSE 25 index contracted 1.32 percent to end at 156.91 points while small-caps advanced 1.03 percent.

GEK Terna and Viohalco posted the biggest drops among blue chips, of 4.29 percent and 4.13 percent respectively. Public Power Corporation gave up 3.99 percent and Titan Cement fell 3.83 percent. Just three blue chips went up, as Jumbo added 1.24 percent, Eurobank climbed 1.18 percent and Grivalia Properties improved 0.67 percent.

In total 30 stocks registered gains, 70 reported losses and 18 remained unchanged.

Turnover amounted to 79 million euros, down from Tuesday’s 100.2 million.

In Nicosia the general index of the Cyprus Stock Exchange rose 0.20 percent to 69.40 points.