Greek Stocks: ATE, Attica Bank, Hellenic Postbank, Titan Cement

The ASE Index fell 9.98, or 0.7 percent, to 1,532.43 as of 12:37 p.m. in Athens, after advancing 0.6 percent yesterday

The FTSE/ASE 20 Index of the country’s biggest companies dropped 0.9 percent to 731.68, while the Cypriot General Index declined 0.3 percent to 1,165.61.

The following stocks are among the most active in Athens trading today. Symbols are in parentheses.

Agricultural Bank of Greece (ATE GA) surged 10.1 percent to 87 cents, its second day of gains. The state-controlled lender will be “thoroughly” restructured as a stand-alone institution, according to a report to the European Union released by the Finance Ministry yesterday. In a separate statement, the ministry said the cabinet approved a wage cut of 10 percent for the bank’s employees who make more than 1,800 euros a month as well as abolishing some bonuses. Plans to hire 700 employees were cancelled.

Hellenic Postbank SA (TT GA) gained 6.6 percent to 3.39 euros. Attica Bank (TATT GA) rose 4.6 percent to 1.13 euros. The Greek government said it would consider disposing of its holdings in both financial institutions when it deems conditions appropriate, according to an e-mailed report from the Finance Ministry.

Titan Cement Co SA (TITK GA) fell 1.2 percent to 15.61 euros. Greece’s biggest cement maker had its share-price estimate cut to 18 euros from 19.20 euros at Marfin Analysis, which cited the slow economic recovery in Greece and the U.S.

To contact the reporter on this story: Tom Stoukas in Athens astoukas@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net.

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