Stocks come under pressure, falling for seventh straight day

Greek stocks came under strong selling pressure towards the end of trading on Tuesday, falling for the seventh straight day.

The Athens Exchange (ATHEX) closed 2.83 percent lower, at 1,123.39 points. The large cap index fell 2.84 percent, with only two of its components staying above water. Leading the losers, Piraeus Bank plunged 5.96 percent to 1.42 euros. Eurobank dived 5 percent to 0.32 euros, Hellenic Exchanges fell 4.37 percent to 7.22 euros, OTE telecoms gave up 3.55 percent to close at 9.78 percent, Public Power Corporation lost 3.69 percent ending at 10.69 euros, and National Bank, which accounted for more than a third of turnover, was 2.58 percent lower at 2.27 euros.

Traders on the whole are taking a gloomy view of short-term prospects, as the correction seems to be accelerating. This is attributed mainly to speculation regarding the ECB’s upcoming stress tests for Greek banks and the overall dismal state of the economy.

Turnover reached 108.87 million euros.