BUSINESS

ATHEX: Bank stocks lead bourse to notable losses

TAGS: Stocks

Growing uncertainty over the outcome of the second bailout review and a Kathimerini report about the possibility that Greeks will be asked to pay a tax on cash withdrawals led to a significant drop in stock prices on Monday at Athinon Avenue, with bank stocks leading the way.

The Athens Exchange (ATHEX) general index closed at 604.06 points, shedding 3.09 percent from Friday’s 623.35 points. The large-cap FTSE 25 index contracted 3.45 percent to 1,624.93 points.

The banks index shrank 7.57 percent, its biggest daily drop in almost four months: Piraeus slumped 10.77 percent, National lost 7.51 percent, while Alpha and Eurobank both gave up 6.63 percent.

With the exception of two blue chips that closed without a change (Grivalia Properties and Mytilineos), all large-caps headed south, as Hellenic Petroleum slumped 4.79 percent, Viohalco surrendered 4.48 percent, OTE telecom decreased 3.86 percent, Public Power Corporation dropped 3.58 percent and new entry Sarantis conceded 3.55 percent.

In total 23 stocks reported gains, 69 posted losses and 17 remained unchanged.

Turnover amounted to 45.2 million euros, down from last Friday’s 55 million.

The general index of the Cyprus Stock Exchange in Nicosia declined 1.13 percent to close at 64.65 points.

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