BUSINESS

ATHEX: Banks stocks slide 9.75 pct

TAGS: Stocks

Investors in the local market bought the rumor and, with the approval of the 7.5-billion-euro bailout disbursement, sold the fact on Friday, as Greek stocks suffered extensive losses, canceling out all of the year’s gains to date. The general decline on bourses across Europe, in response to the endless shrinking of bond yields, didn’t help matters either.

In its third consecutive day of losses, the Athens Exchange (ATHEX) general index closed at 618.67 points, shedding 4.18 percent from Thursday’s 645.69 points. On a weekly basis it surrendered 4.62 percent. The large-cap FTSE 25 index contracted 5.32 percent to end at 168.53 points.

It appears that the next few days will be dominated by the British referendum on EU membership, scheduled to take place on June 23, with foreign portfolios swaying the local benchmark depending on developments on that front.

Banks suffered a sell-off as their index fell 9.75 percent, with Piraeus giving up 13.58 percent and Eurobank down 10.53 percent.

In total 23 stocks moved up, 83 took losses and 12 ended unchanged.

Turnover amounted to 96.4 million euros, up from Thursday’s 54 million.

In Nicosia the general index of the Cyprus Stock Exchange was virtually unchanged (up 0.01 percent) at 69.80 points.

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