BUSINESS

ATHEX: Bank decline weighs heavily on benchmark

TAGS: Stocks

A major slump in Greek bank stocks on Monday – exceeding 5 percent – illustrated that foreign portfolios are pulling out of the local market in droves.

The Athens Exchange (ATHEX) general index closed at 734.52 points, shedding 1.96 percent from Friday’s 749.23 points. The large-cap FTSE-26 index contracted 1.77 percent to close at 1,940.51 points.

The banks index fell 5.02 percent to a seven-month low, as Eurobank fell 5.80 percent, Attica surrendered 5.45 percent, Alpha dropped 5.36 percent, National conceded 4.55 percent and Piraeus slid 3.61 percent.

PPC gave up 4.15 percent and Viohalco decreased 3.37 percent. Only two blue chips headed north: OPAP climbed 0.42 percent and Coca-Cola HBC added 0.35 percent.

In total 23 stocks posted gains, 79 took losses and 20 closed unchanged.

Turnover amounted to 32.5 million euros, just up on last Friday’s 31.9 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 0.12 percent to 74.49 points.

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