ECONOMY

Banks suffer major losses on bourse

Stocks embarked on a rollercoaster ride on the Greek bourse on Monday, as the initial euphoria was replaced by the disappointment of investors for Alpha Bank’s rejection of National’s merger proposal.

The Athens Exchange (ATHEX) general index closed at 1,668.25 points, declining by 2.73 percent from last Friday’s closing at 1,715.13 points. At one point it had shown gains of 1.87 percent.

The blue chip FTSE/ATHEX 20 index fell by 3.05 percent to end at 784.57 points.

Alpha and National were actually among the blue chips to post growth (5.01 percent and 0.40 percent respectively), with Titan cement also going up (1.44 percent).

Other banks suffered massive losses, though, such as ATEbank (down 11.70 percent), Hellenic Postbank (10.19 percent), Piraeus Bank (10.16 percent) and Eurobank EFG (8.75 percent).

In total, 48 stocks moved up, 131 went down and 49 remained unchanged. Eleftheri Tileorasi led those rising with 19.51 percent growth, while Intrakat posted the biggest loss, amounting to 19.37 percent.

Turnover came to a considerable 258.6 million euros, up from Friday’s 192 million.