ATHEX: Sixth day of decline for banks index

The drop in Greek bond yields failed to boost local stocks on Thursday as they continued to head south for another session, albeit at a slower pace. The ongoing crisis of confidence in emerging markets clearly has traders abandoning their positions in bourses like Greece’s to tackle troubles elsewhere.

The Athens Exchange (ATHEX) general index ended at 688.77 points, a new 17-month low, shedding 1.05 percent from Wednesday’s 696.09 points. The large-cap FTSE-25 index contracted 0.90 percent to 1,806.64 points and mid-caps conceded 2.58 percent.

The banks index fell – for a sixth day – by 0.74 percent, as credit stocks ended with mixed results: National dropped 3.15 percent and Eurobank was down 1.04 percent, while Piraeus was a non-mover and Alpha advanced 0.65 percent. Aegean Air contracted 4.39 percent, Mytilineos decreased 3.40 percent and PPC shrank 3.18 percent, as Motor Oil jumped 2.72 percent.

In total 18 stocks posted gains, 74 took losses and 27 remained unchanged.

Turnover amounted to 61.8 million euros, down from Wednesday’s 69.5 million.

In Nicosia the Cyprus Stock Exchange general index grew 0.28 percent to close at 74.03 points.