BUSINESS

ATHEX: Pressure on banks sends bourse lower

TAGS: Stocks

Greek bank stocks came under selling pressure on Monday as the possibility of the need for additional provisions looms large. While non-banking blue chips appeared at times as if they would manage to contain the benchmark’s drop, the main index ended the first day of the trading week well in the red, with turnover failing to breach the 60-million-euro mark.

The Athens Exchange (ATHEX) general index closed at 746.48 points, shedding 1.21 percent from Friday’s 755.61 points. The large-cap FTSE-26 index contracted 1.39 percent to end at 1,953.14 points.

The banks index lost 4.55 percent, as Piraeus fell 8.97 percent, Attica dropped 6.35 percent, Alpha slid 5.99 percent and Eurobank decreased 5.08 percent. National, whose bad-loan portfolio has improved considerably, posted a 0.35 percent rise.

Viohalco jumped 5.05 percent, Hellenic Petroleum grew 1.39 percent and Folli Follie advanced 1.36 percent, while Piraeus Port Authority gave up 3.13 percent and PPC surrendered 2.51 percent.

In total 41 stocks registered gains, 55 sustained losses and 19 remained unchanged.

Turnover amounted to 57.5 million euros, up from last Friday’s 56.9 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 1.05 percent to 73.36 points.

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