BUSINESS

Greek stock market opens 23 percent down after five-week shutdown

TAGS: Markets, Stocks

Greece's stock market fell sharply on Monday after being shut down for five weeks under capital controls imposed by the government in Athens to stop a flight of euros from the country.

The main index .ATG was down nearly 23 percent in early trading. National Bank of Greece (NBGr.AT), the country's largest commercial bank, was down 30 percent, the daily limit.

The overall banking index .FTATBNK was also down its limit.

"Naturally, pressure is expected, markets will not fail to comment on such an extensive shutdown," Constantine Botopoulos, head of the capital markets commission, told Skai radio.

"But we must not get carried away. We must wait until the end of the week to see how the reopening will begin to be dealt with more coolly."

The bourse was last open for trading on June 26.

[Reuters & AFP]

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