Bankers help sink stocks worldwide
Greek stocks, like those in other markets, were hit hard Monday by talk among central bankers for the need for an aggressively tight monetary policy.
The bond market also helped hit stocks, as the market is now betting that the European Central Bank will raise rates in September 0.75% and not 0.50%. A further raise is expected in October.
Banks, all the other blue chips and mid-caps were among the stocks sold during the session.
The ATHEX general index dropped 2.85% to close at 868.25 points. Turnover was €61.5 million.
Blue chips declined 3.02% and mid-caps 2.51%.
Banks underperformed, dropping 4.07%, led by Piraeus Bank (-6.51%). Among the other ‘big four,’ National Bank ended 5.68% lower, Alpha Bank 3.73% and EFG Eurobank 2.34%.
