STOCKS

ATHEX: Index slides more than 6% this week

ATHEX: Index slides more than 6% this week

The stock nosedive the world over hit Athinon Avenue hard on Friday, with bank stocks continuing to head south at an increased pace. This was the eighth consecutive session of losses for the banks index – something unseen in more than four years. Trading volume was the highest of those last eight sessions, pointing to a clear selling trend.

The Athens Exchange (ATHEX) general index closed at 866.75 points, shedding 2.44% from Thursday’s 888.47 points. On a weekly basis it declined 6.04%.

The large-cap FTSE-25 index contracted 2.76%, ending at 2,090.96 points, and the banks index slumped 4.51%. National Bank sank 5.05% and Mytilineos gave up 4.72%, while OTE telecom rose 0.74%.

Trading of Motor Oil and Ellaktor stocks was suspended due to rumors, later confirmed, of the acquisition of almost 30% of the construction company by Motor Oil.

Just nine stocks posted gains, 96 endured losses and 17 remained unchanged.

Turnover amounted to 112.4 million euros, up from Thursday’s €72.1 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.83% to close at 68.91 points.