IMF’s report sends local stocks lower

Declines on most European markets and Tuesday’s International Monetary Fund report demanding measures to plug Greece’s fiscal gap for 2015-16 resulted in significant losses for most stocks during most of Wednesday’s bourse session, although certain blue chips reacted in the last hour of trading and contained the benchmark drop to 1.18 percent.

The Athens Exchange (ATHEX) general index closed at 1,307.26 points, down from Monday’s 1,322.90 points. During the day it had dropped as low as 1,285 points. The blue chip FTSE/ATHEX 25 contracted 1.28 percent to 422.96 points.

After 13 rising sessions out of the last 15, it was predictable that it wouldn’t take much of a pretext for a correction. However the stubborn blue chip of OPAP gaming company that bucked the trend contained the benchmark’s drop and led other large-caps to limit losses too.

Eventually OPAP added 2.16 percent, while Eurobank Properties grew by 2.86 percent. Piraeus Bank gave up 6.25 percent.

In total 54 stocks registered gains, 76 sustained losses and 20 remained unchanged.

Turnover amounted to 258.2 million euros, down from Monday’s 296.7 million.