BUSINESS

A dark day for Athens bourse due to a mix of factors

A combination of concern in the Eurogroup over the future of the Greek economy if the country were to exit the bailout program and of negative data on German growth led the Greek stock market to one of its worst sessions in the last decade yesterday. Resistance to keep the benchmark above 1,000 points was crushed, pushing the bourse to another year-low.

The Athens Exchange (ATHEX) general index ended at 948.21 points, shedding 5.70 percent from Monday’s closing of 1,005.55 points. The large-cap FTSE/ATHEX 25 index contracted 5.67 percent, ending at 309.15 points.

Banks faced additional pressure from a Citigroup report suggesting that the country’s lenders would be the first to suffer in the event that a SYRIZA-led government came to power. In contrast, blue chips such as OTE telecom and Aegean Airlines are seen as best shielded against the impact of a change in government.

In total 28 stocks gained, 113 suffered losses and 11 stayed put.

Turnover reached 161.8 million euros, against Monday’s 83.4 million.

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