BUSINESS

ATHEX: Credit sector keeps sliding

TAGS: Stocks

Bank stocks continued to fall on Wednesday in the wake of a European Central Bank decision that foresees eurozone lenders having to set aside funds to cover 100 percent of loans that turn nonperforming from January 2018. The news reinforced market concerns that, one way or another, local banks will need a fresh cash injection.

The Athens Exchange (ATHEX) general index closed at 750.72 points, shedding 0.23 percent from Tuesday’s 752.44 points. The large-cap FTSE-26 index was virtually unchanged at 1,964.23 points, while mid-caps slid 0.65 percent.

The banks index surrendered 2.24 percent as Tuesday’s mild increase proved a mere blip. On Wednesday Attica lost 6.67 percent, National fell 3.72 percent, Piraeus gave up 2.31 percent, Eurobank contracted 1.76 percent and Alpha dropped 1.28 percent.

The stock of Coca-Cola HBC fell on Tuesday on news of CEO Dimitris Lois’s death. However, it bounced back on Wednesday (2.94 percent).

In total 47 stocks rose, 49 took losses and 22 stayed put.

Turnover came to just 28.6 million euros, down from Tuesday’s 41.7 million.

In Nicosia the general index of the Cyprus Stock Exchange advanced 0.18 percent to 72.85 points.

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