Geopolitics, luckluster banks weigh on stocks for 10th day

The persisting gloomy outlook sent Greek stocks south for a tenth straight session on Friday.

The strong pressure on stocks, which doesn’t look like abating anytime soon, is considered a combined result of geopolitical tensions, uncertainty over banks in view of the ECB stress tests and the upcoming announcement of listed firms’ first-half results, due by the end of the month.

The Athens Exchange (ATHEX) index plunged 4 percent, closing at 1,047.21 points, and compounding losses of 9.95 percent over 10 sessions.

Of the 124.62-million-euro turnover, 96.2 million was accounted for by banks and three other blue chips, OTE telecom, Public Power Corporation (PPC) and betting firm OPAP. Nine of the 20 blue chips shed more than 5 percent.