Stocks decline after three days of growth

Having already priced in the favorable fiscal figures for 2013, the local bourse saw significant losses on Wednesday after three days of growth, in line with most European stock markets.

The Athens Exchange (ATHEX) general index closed at 1,230.20 points, shedding 2.42 percent from Tuesday’s 1,260.72 points.

The large-cap FTSE/ATHEX 25 contracted 2.60 percent to 396.03 points, although small-caps gave up just 0.12 percent.

Investors have now turned their focus to the investment fund to support small and medium-sized enterprises and the Bank of America estimate that the share capital increases of local banks have largely covered the requirements determined by the recent stress tests. That mean traders should feel more confident about local large- and mid-caps in the long term.

All 25 ATHEX blue chips headed south in Wednesday’s session, led by Jumbo (6.13 percent), National Bank (4.09 percent), Piraeus Bank (3.95 percent), Intralot (3.67 percent) and Mytilineos (3.57 percent).

In total, 33 stocks reported gains, 87 recorded losses and 19 were left unchanged.

Turnover amounted to 105.7 million euros, compared with Tuesday’s 84.9 million.