BUSINESS

ATHEX: Deutsche fears rattle banks

TAGS: Stocks

The shock waves resulting from reports that Berlin has ruled out state assistance for Deutsche Bank were felt as far as Athens on Monday, with Greek bank stocks sliding 6 percent. The local benchmark followed suit with losses of more than 10 points and trading volume dropped close to the 30-million-euro mark.

The Athens Exchange (ATHEX) general index closed at 563.59 points, shedding 1.82 percent from Friday’s 574.05 points. The FTSE 25 index contracted 2.45 percent to end at 1,496.66 points, while mid-caps expanded 0.47 percent.

The banks index slumped 6.09 percent, with National falling 7.43 percent, Piraeus dropping 6.90 percent, Alpha conceding 5.56 percent and Eurobank shrinking 5.08 percent. They were followed by Aegean Air (down 3.17 percent) and Jumbo (3.07 percent).

The only blue chips to post a rise on Monday were Hellenic Petroleum (up 1.07 percent), on news of the confirmation of significant oil reserves found near Patra, and Titan Cement (0.47 percent).

In total 33 stocks recorded gains, 58 took losses and 11 ended unchanged.

Turnover amounted to 31.8 million euros, down from last Friday’s 48.3 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 0.62 percent to close at 67.18 points.

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