ATHENS (Thomson Financial) - Shares were sharply lower in early afternoon trade, extending Friday's losses, as domestic buyers waited on the sidelines for lower levels and sellers were again offloading stock on imported poor market sentiment.
Brokers said the local market year to date has lost about 35 percent of its value and is trading near 52 week lows.
At 12:50 p.m., the ASE general index was down 1.1 percent at 3,384.6, with decliners outnumbering advancers, 184 to 25.
The blue-chip index had fallen 1.1 percent to 1,816.7. Mid caps were down 2.3 percent to 4,215.3, and small caps were also 1.1 percent lower at 828.2.
Investment holding company Marfin Investment Group Holdings SA. was down 4.7 percent at 4.8 euros, Titan Cement SA. was down 3 percent to 24.64 euros, and engineering and metals group Mytilineos Holdings SA. was had dipped 3.2 percent to 7.3 euros, all on the negative market sentiment.
Electricity utility Public Power Corp SA. (PPC) was down 2.1 percent to 21.54 euros. There were media reports over the weekend that PPC together with the local energy regulator and Ministry of Development are examining a new, improved tariff structure.
Alpha Bank SA. was 1.2 percent lower at 18.52 euros on news that it sold treasury shares amounting to 4 percent of its share capital for 296 million euros to a prominent family in Qatar.
Hellenic Petroleum SA. was unchanged at 8.8 euros, outperforming the market because it will be signing a strategic partnership with Edison on July 3. nick.skrekas@thomsonreuters.com ns/kf1 COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
