Greek stocks ended sharply lower in the last trading session of the week in the Athens Stock Exchange, as investors took profits after a five-day rally in the Greek market. The composite index fell 2.46 pct to end at 1,671.80 points, with turnover a low 142.1 million euros of which 6.2 million euros were block trades.
Most sectors moved lower, with the Constructions (7.20 pct), Banks (5.28 pct), Industrial Products (3.42 pct) and Financial Services (3.38 pct) suffering the heaviest percentage losses of the day, while Utilities (1.90 pct) and Oils (1.35 pct) scored gains.
The FTSE 20 index fell 3.33 pct, the FTSE 40 index ended 1.80 pct lower and the FTSE 80 index eased 1.37 pct. Broadly, decliners led advancers by 159 to 53 with another 44 issues unchanged.
Sector indices ended as follows:
Oil & Gas: +1.35%
Personal & Household: -0.61%
Raw Materials: -1.87%
Travel & Leisure: -0.37%
Food & Beverages: -2.37%
Financial Services: -3.38%
The stocks with the highest turnover were National Bank, Public Power Corp (PPC), Bank of Cyprus and OTE.
Selected shares from the FTSE/ASE-20 index closed in euros as follows:
Alpha Bank: 4.85
Public Power Corp (PPC): 13.60
HBC Coca Cola: 10.26
Hellenic Petroleum: 6.88
National Bank of Greece: 11.48
EFG Eurobank Ergasias: 4.22
Bank of Piraeus: 4.85
Titan Cement Company: 15.10
ADEX closing report
Greek futures contract prices saw their discounts widening in the Athens Derivatives Exchange on Friday, with turnover however remaining a disappointing low 43.904 million euros. The June contract on the FTSE 20 index was trading at a discount of 3.82 pct, with volume of 7,698 contracts worth 31.690 million euros and 25,364 open positions in the market.
Volume in futures contracts on equities totaled 19,568 contracts worth 12.214 million euros, with investment interest focusing on National Bankʼs contracts (2,925), followed by Eurobank (1,226), OTE (1,132), PPC (2,132), Piraeus Bank (1,413), Alpha Bank (2,503), Marfin Popular Bank (2,052) and Cyprus Bank (1,255).
Greek bond market closing report
Turnover in the Greek electronic secondary bond market totaled 486 million euros on Friday, of which 243 million were buy orders and the remaining 243 million euros were sell orders. The 10-year benchmark bond (July 20, 2019) was the most heavily traded security with a turnover of 85 million euros. The yield spread between the 10-year Greek and German bonds was 290 basis points with the Greek bond yielding 5.65 pct and the German Bund 3.45 pct.
In interbank markets, interest rates were largely unchanged. The 12-month Euribor rate was 1.83 pct, the six-month rate was 1.69 pct, the three-month rate 1.53 pct and the one-month rate 1.14 pct.
Foreign Exchange rates
U.S. dollar 1.340
Pound sterling 0.935
Danish kroner 7.508
Swedish kroner 10.980
Japanese yen 130.95
Swiss franc 1.531
Norwegian kroner 8.870
Canadian dollar 1.657
Australian dollar 1.938
*** Greece’s trade deficit totaled 2.09 billion euros in January, from 3.212 billion euros in January 2008, for a decline of 34.9 percent, official figures showed on Friday.
Excluding oils, the trade shortfall fell by 172.7 million euros, or 8.1 pct over the same period. The value of import-arrivals in January totaled 3.032 billion euros, from 4.420 billion in the corresponding month last year, for a decline of 31.4 pct, while the value of exports deliveries totaled 942.5 million euros in January from 1.208 billion in January 2008, for a decline of 22 pct.
*** Credit expansion to Greek enterprises and households slowed further in February to 12.9 pct, from 14.6 pct in January 2009 and 15.9 pct in December 2008, the Bank of Greece said on Friday.
The central bank, in a report, said net credit flow to enterprises totaled 48 million euros in February, for an annual growth rate of 15.3 pct, down from 17.2 pct in January and 18.7 pct in December 2008, with credit expansion growth slowing to 13.1 pct in the manufacturing sector, from 15.2 pct in January and 15.8 pct in December 2008, while in the commerce sector credit expansion grew by 19.3 pct, from 19.6 pct in January and 19.5 pct in December 2008.
Net credit flow to households totaled 259 million euros for an annual growth rate of 10.3 pct in February from 11.8 pct in January and 12.8 pct in December 2008. Mortgage credit toataled 190 million euros for an annual growth rate of 9.6 pct in February, from 10.6 pct in January and 11.5 pct in December 2008, while consumer loans totaled 107 million euros for an annual growth rate of 12.3 pct in February, from 14.7 pct and 16.0 pct in January 2009 and December 2008, respectively.
*** Production in the food and beverage sector grew 1.2 pct in 2008, compared with a 4.2-pct decline in the manufacturing sector in general, a report by the Institute for Economic and Industrial Research (IOBE) stated on Thursday.
IOBE, in the report, noted that a current global economic crisis has not significantly affected the food and beverage industry, at least during 2008, despite its significant contribution in the European and domestic real economies. The report, however, recorded a rapid worsening of business climate in Greece and Europe, affecting the food and beverage industry, although forecasts for the sector were less pessimistic compared with other manufacturing sectors.
The food and beverage industry maintained relatively high periods of secured production and percentage of capacity utilisation last year, at 4.2 months and 74.6 pct, respectively, unchanged from the previous year. Investments however fell significantly (-23 pct), while early predictions for 2009 remained negative with investments forecast to fall by 3.3 pct compared with 2008.
Employment in the sector recorded a decline of more than 5.0 pct, after a three-year period of an average 4.0 pct annual growth.
The food industry recorded a 6.9-pct increase in prices last year, significantly down compared with an average 11.4 pct increase of prices in the domestic manufacturing sector.
IOBE said the domestic food and beverage industry faced many challenges, such as significant pressures from global competition, a changing consumer model and technological developments.
*** “The government has done and will continue to do everything necessary to protect the rights of Greek citizens,” government spokesman Evangelos Antonaros stressed on Friday, while characterizing as a “special issue” the abolition of the national collective work contract being attempted by a certain company.
Antonaros cited the statements made on Thursday by the national economy and finance minister when asked to comment on a European Court ruling against the different retirement ages for male and female public sector employees and the likelihood that the ‘discrimination’ would be corrected by allowing men to retire at a younger age, like their female colleagues.