BUSINESS

ATHEX: Another day, another drop for bank stocks

TAGS: Stocks

Losses sustained by Greek banking stocks banished early signs that the local market could head higher on Wednesday, with the benchmark losing all of its morning gains to end up in the red again.

The Athens Exchange (ATHEX) general index ended at 690.27 points, shedding 0.26 percent from Tuesday’s 692.04 points. The large-cap FTSE-25 index contracted 0.20 percent to 1,811.98 points.

The banks index declined 2.39 percent to its lowest point since July 2016. Eurobank led the way with a 4.48 percent fall, followed by Alpha (2.16 percent), National (1.23 percent) and Piraeus (0.99 percent).

Both Public Power Corporation and Motor Oil decreased 2.65 percent, but the majority of blue chips actually went up, led by Fourlis Holdings (up 2.78 percent), Viohalco (2.77 percent), Grivalia Properties (2.33 percent) and Sarantis (2.31 percent).

In total 41 stocks posted gains, 55 took losses and 27 closed unchanged.

Turnover amounted to 42 million euros, up from Tuesday’s 34 million.

In Nicosia the Cyprus Stock Exchange general index slipped 0.22 percent to close at 73.79 points.

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