BUSINESS

ATHEX: Piraeus Bank plunge drags index lower

TAGS: Stocks

The small and unconvincing rise registered by the benchmark on Tuesday was followed on Wednesday by fresh losses for the majority of Greek stocks that were contained toward the end of the session. As usual, the decline came with a notable increase in trading volume.

The Athens Exchange (ATHEX) general index closed at 757.98 points, shedding 0.64 percent from Tuesday’s 762.86 points, having dropped by as much as 3.25 percent during the session. The large-cap FTSE-26 index contracted 0.11 percent to end at 2,002.47 points, while mid-caps shrank 2.24 percent.

Piraeus Bank is being investigated by anti-money-laundering authorities following Bank of Greece reports about suspicious transactions. On Wednesday the bank’s stock plummeted 21.74 percent, canceling out the gains posted by National (up 5.61 percent) and Alpha (2.81 percent) as far as the banks index is concerned: It gave up 0.88 percent. Public Power Corporation conceded 4.37 percent and Hellenic Petroleum gave up 3.13 percent.

In total 34 stocks registered gains, 72 went down and 22 ended unchanged.

Turnover amounted to 113.9 million euros, up from Tuesday’s 72.1 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 0.31 percent to close at 73.28 points.

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