BUSINESS

ATHEX: Bank stocks tumble on creditor plans

TAGS: Stocks

The plans of Greece’s creditors about retaining the International Monetary Fund as an observer but not a contributor of funds to the Greek bailout program, as reported in the press, sent Greek stocks tumbling on Wednesday. The drop was reinforced by the fresh hike in sovereign bond yields.

The Athens Exchange (ATHEX) general index closed at 766.03 points, shedding 2.17 percent from Tuesday’s 783.03 points. The large-cap FTSE 25 index contracted 1.92 percent to 2,046.21 points.

Banks were as usual at the eye of the storm, with their sectoral index falling 6.11 percent. National sank 7.58 percent, Piraeus lost 6.90 percent, Eurobank parted with 6 percent and Alpha surrendered 4.67 percent.

Other major losers were Viohalco (down 4.33 percent), Ellaktor (3.45 percent) and OPAP (3.02 percent). Lamda Development and Coca-Cola HBC bucked the trend, advancing 2.43 percent and 1.82 percent respectively.

In total 25 stocks recorded gains, 76 suffered losses and 26 remained unchanged.

Turnover amounted to 107.2 million euros, down from Tuesday’s 109 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 0.10 percent to 76.52 points.

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