BUSINESS

ATHEX: Stocks fall as confidence diminishes

TAGS: Stocks

Local stocks took some heavy losses on Wednesday, with banks suffering the most, as market confidence in Greece continued to evaporate, a fact also evident in the growth of bond yields. Investors were keen to walk away from Athinon Avenue, as shown by the increased turnover. Still, the closing auctions and index heavyweight Coca-Cola HBC helped keep the benchmark above 610 points at the end of the session.

The Athens Exchange (ATHEX) general index closed at 610.86 points, shedding 2.01 percent from Tuesday’s 623.37 points. The large-cap FTSE 25 index contracted 1.63 percent to end at 1,633.91 points.

Banks slumped 5.89 percent, with Piraeus falling 7.91 percent, Alpha dropping 6.43 percent and Eurobank giving up 5.62 percent. Public Power Corporation surrendered 4.14 percent while CCHBC bucked the trend to advance 1.78 percent.

In total 23 stocks reported gains, 31 posted losses and 29 remained unchanged.

Turnover amounted to 64 million euros, up from Tuesday’s 41.5 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 2.27 percent to close at 66.20 points.

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