ECONOMY

Local stocks suffer from nuclear fears

Investor fears on Tuesday concerning the nuclear crisis in Japan wiped out nearly all gains Greek stocks had registered on Monday after last week?s eurozone summit. The drop on the local bourse was in line with that on most international markets.

The Athens Exchange (ATHEX) general index closed at its lowest point for the day, 1,590.44 points, posting a 4.33 percent drop from Monday?s close at 1,662.38 points. The blue chip FTSE/ATHEX 20 index contracted by 4.49 percent to end at 741.87 points.

On Monday the local market had seemed immune to developments in Japan, but some agressive selling on Tuesday led to a significant correction.

All blue chips headed south, led by Alpha Bank (down 6.29 percent), Bank of Cyprus (6.08 percent), Eurobank EFG (5.64 percent), Ellaktor (5.42 percent), Piraeus Bank (5.03 percent) and National Bank (5.01 percent). The bank index suffered losses of 5.29 percent.

In total 38 stocks moved up, 143 went down and 35 remained unchanged. Attica Publications led the gainers with growth of 19.61 percent, while Nakas posted the biggest loss, amounting to 16.49 percent.

Turnover came to 159.5 million euros, down from 240 million on Monday.