Bank stocks slump to new lows

Local banks are seeing their stocks crumble, taking the bourse to ever lower levels, as the drop continued on Tuesday in the face of gains registered in the rest of the continent.

The Athens Exchange (ATHEX) general index ended at 911.07 points, contracting by 3.15 percent from Monday?s closing figure of 940.72 points. The blue chip FTSE/ATHEX 20 index dropped by 4.19 percent to end at 384.35 points.

The banks? sectoral index in particular dropped to levels unseen since July 1994. Hellenic Postbank lost 10.07 percent, Marfin Investment Group shrank by 9.68 percent and National Bank declined by 9.01 percent, dropping to 3.23 euros.

In total, 28 stocks moved up, 116 went down and 31 remained unchanged. Turnover came to 61.3 million euros, up from 33 million euros on Monday.