BUSINESS

ATHEX: Oil prices fuel Athens stock slump

TAGS: Stocks

The dramatic slide in oil rates and some negative corporate developments, including QCM’s report on Greek Nasdaq-listed firm Akazoo, saw local stocks heading south at the beginning of the week, with the credit sector losing more than 10 percent in a day.

The Athens Exchange (ATHEX) general index ended at 591.02 points, shedding 2.59 percent from Thursday’s 606.75 points. The large-cap FTSE 25 index contracted 2.89 percent to 1,417.58 points.

The banks index slumped 10.53 percent, as Alpha sank 11.76 percent, Piraeus fell 10.83 percent, Eurobank decreased 10.03 percent and National gave up 9.40 percent. Jumbo diminished 6.34 percent, Motor Oil parted with 6.28 percent, GEK Terna lost 4.68 percent and Public Power Corporation conceded 4.09 percent.

A few blue chips bucked the trend, with Aegean Air rising 6.55 percent, OPAP climbing 5.34 percent and Viohalco growing 4.75 percent. 

In total 43 stocks registered gains, 54 sustained losses and 25 remained unchanged. Turnover amounted to 66.4 million euros, up from last Thursday’s 46.7 million.

In Nicosia the Cyprus Stock Exchange will reopen on Wednesday after the Easter holidays.

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