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Greece: Stocks fall to 2011 lows

18. June 2011. | 11:26 11:31

Source: ANA, AP

The euro gained ground against the dollar Friday as hopes grew for a bailout deal for Greece and fears eased that the country would default on its debt.

Stocks fell to 2011 lows at the Athens Stock Exchange on Thursday, hit by uncertainties over political developments in the country and by a new surge in Greek bond spreads and CDS to record highs.

The composite index of the market fell 2.81 percent to end at 1,208.09 points, after falling as low as 1,197.28 points during the session. Turnover was a low 85.329 million euros.

The Big Cap index fell 2.87 percent, the Mid Cap index fell 3.08 percent and the Small Cap index ended 2.14 percent lower. ATEbank (4.46 percent) and Viohalco (0.77 percent) were the only blue chip stocks to end higher, while MIG (5.08 pct), Marfin Popular Bank (4.92 pct), Alpha Bank (4.29 percent) and Ellaktor (4.39 percent) were top losers.

All sector indices ended lower with the Travel (4.0 pct), Financial Services (3.93 pct), Health (3.66 percent) and Banks (3.37 percent) suffering the heaviest percentage losses of the day. Broadly, decliners led advancers by 104 to 31 with another 34 issues unchanged. Xylemporia (11.36 pct), Lambrakis Press (ten percent) and Druckfarben (8.33 percent) were top gainers, while Pairis Plastics (19.23 pct), Aegek (17.65 percent) and Vovos (14.71 percent) were top losers.

Euro rises versus dollar as greek debt fears ease

The euro gained ground against the dollar Friday as hopes grew for a bailout deal for Greece and fears eased that the country would default on its debt.

A meeting between German Chancellor Angela Merkel and France's President Nicolas Sarkozy ended with a pledge to get a deal for a second bailout in place as soon as possible.

UBS currency strategist Chris Walker said it seems Germany is starting to soften its insistence on having private sector creditors involved in a second bailout for Greece.

"Markets are currently taking this as a positive step," Walker said in a note to clients.

Investors and analysts believe that without a new aid deal, Greece will default on its debts next year after the current emergency loan package ends.

In late trading Friday in New York, the euro rose to $1.4315 from $1.4141 late Thursday.

The euro was also boosted Friday by Greek Prime Minister George Papandreou's broad reshuffling of his cabinet. Papandreou replaced his finance minister in an effort to pass austerity measures needed to avoid a debt default.

In other trading Friday, the dollar fell to 80.06 Japanese yen from 80.78, fell to 0.8482 Swiss franc from 0.8504 Swiss franc and dropped to 98.05 Canadian cents from 98.66 Canadian cents. The British pound rose to $1.6178 from $1.6105.

The dollar was also lower against most other currencies around the world; including those in Australia, New Zealand, Hong Kong and Latin America.


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