STOCKS

ATHEX: Late selling spree sends index lower

athex-late-selling-spree-sends-index-lower

The Greek stock market took a late nosedive on Monday, erasing early gains and closing with significant losses, with banks dropping twice as fast as the rest of the market. In the short term traders are eyeing this Friday’s triple-witching, while in the medium term they are waiting to see how the European Central Bank intends to handle Greek government bonds after the expiry of the PEPP program, with the decision expected by next month.

The Athens Exchange (ATHEX) general index closed at 887.96 points, shedding 1.19% from Friday’s 898.63 points. The large-cap FTSE-25 index contracted 1.38%, ending at 2,131.91 points.

The banks index declined 2.40%, as Alpha parted with 3.35%, National dropped 3.19%, Piraeus fell 1.64% and Eurobank conceded 1.14%.

Lamda Development gave up 2.71% and PPC eased 2.46%, but Aegean Airlines bucked the trend, rising 3.47%.

In total 23 stocks enjoyed gains, 84 sustained losses and 14 remained unchanged.

Turnover amounted to 42.5 million euros, up from last Friday’s €36.3 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.19% to 66.59 points.