BUSINESS

ATHEX: Stocks slide on ESM news

TAGS: Stocks

The decision by the European Stability Mechanism (ESM) to freeze short-term measures to ease Greece’s debt also froze buying interest in the local market, leading to losses for the majority of stocks on Wednesday, which may well continue into Thursday’s session.

The Athens Exchange (ATHEX) general index ended at 619.19 points, shedding 3.21 percent from Tuesday’s 639.71 points. The large-cap FTSE 25 index contracted 3.61 percent to close at 1,673.38 points.

Banks felt some serious pressure, with their sectoral index sliding 7.57 percent. Piraeus fell 9.87 percent, National lost 7.79 percent and Eurobank declined 7.67 percent.

Motor Oil and Jumbo bucked the trend to advance 1.45 percent and 0.61 percent respectively, but all other blue chips headed south. Ellaktor lost 5.17 percent, Aegean Air conceded 4.78 percent and Public Power Corporation gave up 4.73 percent.

In total 32 stocks posted gains, 73 took losses and 17 closed unchanged.

Turnover amounted to 63.4 million euros, up from Tuesday’s 58 million.

In Nicosia the general index of the Cyprus Stock Exchange shrank 0.19 percent to close at 63.32 points.

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