ASE fails to hold on to early gains

The stock market could not hold on to early gains Wednesday after deteriorating Purchase Managers' Index (PMI) numbers soured the mood in European markets.

The general index closed at 1,293.73 points, down 0.52%, on a low turnover of €71.7 million. Blue chips dropped 0.61%, mid-caps 0.31% and banks 0.15%

Among blue chips, Piraeus Bank was the loss leader, dropping 2.1%, while Aegean Airline, Jumbo, Mytilineos, OPAP, OTE, Quest, Lamda Development, Autohellas and ElvalHalcor lost more than 1%. Gainers were led by Viohalco (2%), GEK Terna (1.38%), Motor Oil (0.98%) and Eurobank (0.93%).

Although analysts are wary about short-term prospects, reports on long-term prospects are better. JPMorgan joined the list Wednesday, following HSBC and Morgan Stanley.