Pressure on banks from IMF report continues to take its toll

Continued pressure on the local banking sector due to the International Monetary Fund’s concerns over its capital adequacy – which may result in it requiring additional funds – weighed heavily on the local bourse on Monday.

The Athens Exchange (ATHEX) general index closed at 1,270.38 points, shedding 2.72 percent from Friday’s 1,305.93 points.

The blue chip FTSE/ATHEX 25 contracted by 2.92 percent to close at 410.82 points.

The banks index posted even greater losses, sliding 3.03 percent, with Piraeus declining by 6.67 percent and Alpha giving up 2.67 percent. Viohalco added 0.68 percent.

In total 41 stocks moved up, 76 headed south and 23 stayed put.

Turnover amounted to 103.4 million euros, down from Friday’s 194.6 million.