Correction continues unabated on ATHEX

The Athens bourse has reverted back to its introverted character after a brief interval of optimism from the Alpha-Eurobank merger on Monday, with considerable losses on Wednesday for the second day in succession despite gains in most European markets.

The Athens Exchange (ATHEX) general index ended at 915.98 points, shedding 4.40 percent from Tuesday?s closing figure of 958.12 points. The blue chip FTSE/ATHEX 20 index contracted by 5.11 percent to end at 385.98 points.

Banks saw their sectoral index soar by 29.12 percent on Monday, but since then it has lost half of that (15.02 percent down). Already, Eurobank, which lost 17.10 percent on Wednesday, is lower than the price it had before the merger was announced.

Other losers yesterday were Piraeus Bank (down 14.47 percent) and Ellaktor (11.50 percent). OTE telecom added 2.38 percent.

In total, 28 stocks moved up, 126 went down and 28 remained unchanged.

Turnover came to 73.7 million euros, down from 126.7 million on Tuesday.