BUSINESS

ATHEX: Fresh losses for the local stock market

TAGS: Stocks

The Greek bourse benchmark followed up last Friday’s 13.42 percent drop with a fresh decline of 2.89 percent on Monday as the aftershocks from the British referendum continued to be felt on markets across the continent. The impact of the Brexit vote appears to be greater among the weakest of the eurozone members, such as Greece.

The Athens Exchange (ATHEX) general index closed at 519.33 points, down from Friday’s 534.78 points. The large-cap FTSE 25 index contracted 4.03 percent to end at 1,385.56 points. Small-caps advanced 1.30 percent.

Bank stocks slid 8.34 percent as traders formed a queue at the exit. Eurobank slumped 13.96 percent, Alpha fell 9.04 percent, Piraeus lost 5.11 percent and National gave up 4.12 percent.

Elsewhere, Grivalia Properties decreased 5.14 percent and Motor Oil conceded 5.10 percent. However, some blue chips resisted the pressure, led by Ellaktor (up 3.31 percent), METKA (2.12 percent) and Piraeus Port Authority (1.42 percent).

In total 44 stocks recorded gains, 52 sustained losses and 14 remained unchanged.

Turnover amounted to 108.4 million euros, against Friday’s 161.2 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 0.23 percent to close at 65.75 points.

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