ECONOMY

Stocks take a fresh dive, led by banks

The correction seen on Tuesday had clearly run its course on the Greek bourse on Wednesday as stocks came under fresh pressure and registered significant losses. Analysts agree that there is nothing on the horizon that could stop the decline.

The Athens Exchange (ATHEX) general index ended at 1,399.69 points, dropping by 2.62 percent from Tuesday?s close at 1,437.28 points. The blue chip FTSE/ATHEX 20 index contracted by 3.02 percent to end at 632.43 points.

Banks were on the receiving end of pressure from investors, who seem to fear the worst for the country?s economy and its banking system. The banks? sectoral index declined by 4.58 percent on Wednesday.

Eurobank EFG and Alpha Bank posted the greatest losses among blue chips, falling by 8.45 percent and 8.44 percent respectively. ATEbank followed with a decline of 6.25 percent. Viohalco posted gains of 8.18 percent while Jumbo rose by 4.13 percent.

In total 44 stocks moved up, 104 went down and 40 remained unchanged. Tegopoulos Publications enjoyed the biggest rise with gains of 17.65 percent, while Attikat led the losers, shedding 20 percent.

Turnover came to 99 million euros, up from 84.8 million on Tuesday.