Friday January 11, 11:40 AM
Greek shares fall in early afternoon, led by Bank of Cyprus and EFG Eurobank
ATHENS (Thomson Financial) - Greek shares fell sharply in the early afternoon, with little news about, and were underperforming European peer bourses, led down by the Bank of Cyprus (Berlin: BC9.BE - news) and EFG Eurobank.
At 1.00 pm, the ASE general was down 1.4 pct to 4,893.1, and the blue chip index was down 1.4 pct to 2,590.1. The mid cap index was 1.9 pct lower at 5,776.9, and small caps dropped 1 pct to 992.
Decliners outnumbered advancers 204 to 39, and 79 were unchanged.
Bank of Cyprus led blue chip decliners and dropped 3.2 pct to 11.8 eur, catching up with losses incurred by other Greek banks yesterday.
EFG Eurobank fell for the second session and lost 2.9 pct to 20.78 eur after Deutsche Bank (Xetra: 514000 - news) cut its rating to 'hold' from 'buy'.
Electricity utility Public Power Corp was little changed at 36.02 eur as investors paused to digest the recent news flow from the company. After much discussion over a possible memorandum of understanding (MoU) with RWE (Xetra: 703712 - news) , PPC announced the proposal of a MoU with steel company Halyvourgiki for the construction of a new 880 MW plant.
Engineering (Milan: ENG.MI - news) and metals company Mytilineos fell 0.6 pct further to 12.6 eur after losing 9.4 pct in trade yesterday. Analysts said its losses are attributed to a market overreaction over seemingly increased competition in the local generation sector.
Marfin Investment Group (MIG) was up 0.3 pct to 5.22 eur, rebounding after losing 5.8 pct in trade yesterday.
MIG said it will buy two consumer electronics chains for 22.2 mln eur and the Greek Parliament also passed a law blocking MIG from upping its stake in OTE (Stuttgart: 903465 - news) to 20 pct. Hellenic Telecomms (OTE) was 1.7 pct lower at 24.12 eur.
Refiner Hellenic Petroleum dropped 2 pct to 11.62 eur and other refiner Motor Oil Hellas lost 1.9 pct to 15.04 eur after two days of falling crude prices.
Source: Euro2day.gr Newswire
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