The selling spree that began at the Greek stock exchange on Friday, due to fears generated by Thursday’s Eurogroup, continued on Monday, boosted by Moody’s description of the delay in the bailout review as a “credit negative” event for Greek banks.
The Athens Exchange (ATHEX) general index ended at 614.08 points, shedding 3.53 percent from Friday’s 636.54 points. The large-cap FTSE 25 index contracted 3.67 percent to close at 1,648.02 points.
No prizes for guessing that banks fared worst, with their index giving up 6.82 percent. Eurobank slumped 9.25 percent, Piraeus lost 8.16 percent, National decreased 5.86 percent and Alpha fell 5.62 percent.
PPC shrank 6.37 percent, while Sarantis was the only blue chip to post a rise (1.45 percent).
In total 25 stocks registered gains, 73 dropped and 28 closed unchanged.
Turnover amounted to 63.4 million euros, up from last Friday’s 55.3 million.
In Nicosia the Cyprus Stock Exchange general index conceded 1.30 percent to close at 68.32 points.