BUSINESS

ATHEX: Talks impasse sends stocks 2.5 pct lower

TAGS: Stocks

An immediate impact was seen on the Greek stock market on Wednesday after the negotiations between Athens and its creditors hit a snag on Tuesday, inflicting significant losses, mainly on bank stocks, as well as the benchmark.

The Athens Exchange (ATHEX) general index closed at 584.55 points, shedding 2.51 percent from Tuesday’s 599.59 points. The large-cap FTSE 25 index contracted 3.39 percent to end at 162.15 points, although small-caps rose 1.15 percent.

Being the main target of sellers, banks conceded 7.46 percent. Eurobank slumped 11.10 percent, National surrendered 7.88 percent, Piraeus declined 7.41 percent and Alpha dropped 5.21 percent. Non-blue chip Attica Bank (which forms part of the banks index) fell 12.31 percent.

Among other large-caps, Viohalco went down 6.67 percent, Ellaktor decreased 5.93 percent and Piraeus Port Authority shrank 4.39 percent. The only blue chips to move north were Folli Follie (up 2.77 percent) and Lamda Development (1.04 percent).

In total 28 stocks registered growth, 68 sustained losses and nine closed unchanged.

Turnover amounted to 71.5 million euros, up from Tuesday’s 56.4 million.

In Nicosia the general index of the Cyprus Stock Exchange rebounded 0.84 percent to close at 67.10 points.

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