BUSINESS

Greek stocks extend Monday's heavy losses on political uncertainty

TAGS: Stocks

Greek stocks fell 5 percent on Tuesday, extending Monday's heavy losses of about 8 percent as uncertainty lingered on whether Greece could swiftly conclude an assessment with lenders over its compliance to terms of a multi-billion euro bailout.

The Athens bourse general index was 5.4 percent down at 13.05 GMT after retreating to its lowest level since 1991 on Monday.

"There is political uncertainty which is suffocating the market," said Takis Zamanis, head trader at Beta Securities.

Heavyweight banks were the top losers, shedding 13.7 percent.

Greece hopes to close the assessment of its reforms as quickly as possible, the government spokeswoman said on Tuesday.

[Reuters]

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