Greek Stocks; Alpha Bank, OTE, Marfin Invest, PPC, NBG, Titan
Greece’s benchmark ASE Index declined 34.16, or 2.2 percent, to 1,492.44 at the 5:20 p.m. close in Athens, its sixth straight day of declines.
The FTSE/ASE 20 Index of the country’s biggest companies fell 2.6 percent to 682.58. The Cyprus General Market Index also dropped 2.6 percent to 954.48.
The following shares were the most active in Athens trading today. Symbols are in parentheses.
Hellenic Telecommunications Organization SA (HTO) slid 1.4 percent to 7.60 euros, dropping for a fifth consecutive day. Standard & Poor’s assigned a “BB” issue rating for senior unsecured notes Greece’s largest telephone services provider plans to issue and placed it on a negative watch.
Marfin Investment Group SA (MIG) lost 2.6 percent to 76 cents. Standard & Poor’s lowered its long-term corporate credit rating on Southeast Europe’s biggest buyout fund two levels to “B+" from ‘‘BB,’’ citing ‘‘negative economic pressure on Greece and uncertainty over MIG’s financial policy for 2011.
National Bank of Greece SA (ETE) , the country’s largest lender, declined 2.6 percent to 6.00 euros, its sixth day of losses. Greek Finance Minister George Papaconstantinou said the country’s recession was deeper than expected and the 2010 deficit will be higher than previously forecast. Papaconstantinou made the comments in an April 1 interview with Bloomberg. EFG Eurobank Ergasias SA (EUROB) , Greece’s second- largest bank, sank 5.8 percent to 4.10 euros. Alpha Bank SA (ALPHA GA) fell 2.7 percent to 4.35 euros and Piraeus Bank SA (TPEIR) dropped 5.8 percent to 1.31 euros. State-controlled Agricultural Bank of Greece (ATE) SA fell 4.3 percent to 67 cents.
Public Power Corp SA (PPC) slid 3.8 percent to 11.50 euros, its third day of declines. Standard & Poor’s lowered the long-term corporate credit rating on Greece’s largest electricity producer to ‘‘BB-” from “BB+.” The rating remains on watch with negative implications.
Titan Cement Co. SA (TITK GA) fell 1.1 percent to 17.30 euros, its biggest drop in two weeks. Standard & Poor’s lowered the long-term corporate credit and issue ratings on Greece’s largest cement producer to “BB” from “BB+.” The short-term rating is unchanged at “B.”
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