BUSINESS

ATHEX: Bank stocks fall on worries

TAGS: Stocks

Bank stocks dragged the Greek benchmark lower on Tuesday due to concerns over new European Central Bank rules regarding bad loans, new financial reporting standards and delays in property auctions due to the abstention of notaries.

The Athens Exchange (ATHEX) general index ended at 748.44 points, declining 1.77 percent from Monday’s 761.91 points. The large-cap FTSE-26 index contracted 2.24 percent to close at 1,964.68 points, while small-caps increased 0.72 percent.

The banks index crumbled 6.52 percent, as Alpha fell 7.10 percent, Eurobank shed 6.67 percent, Piraeus gave up 6.25 percent and National shrank 5.69 percent.

PPC’s moves toward collecting on unpaid bills led to a 4.76 percent increase in its stock price, followed by Fourlis Holdings (up 3.58 percent) and Aegean Air (1.90 percent).

In total 33 stocks reported gains, 61 sustained losses and 24 stayed unchanged.

Turnover amounted to 46.1 million euros, up from 29.7 million on Monday.

The general index of the Cyprus Stock Exchange in Nicosia decreased 0.24 percent to 73.55 points.

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