ECONOMY

Local stocks find little support amid European jitters

With European markets registering losses of more than 4 percent amid fears of a banking crisis on the continent, Greek stocks sank to a new 197-month low on Thursday.

The Athens Exchange (ATHEX) general index remained southbound throughout the session, ending 3.03 percent lower at 830.07 points, trimming the bourse?s total capitalization by more than 1 billion euros, bringing it down to around 33 billion. Analysts did not rule out a further dive below 800 points.

Blue chips fell 3.23 percent, with only the Public Power Corporation staying above water with a meager rise of 0.17 percent. Three banks (Alpha, Cyprus and Piraeus) and metals group Mytilineos slumped more than 5 percent. Bellwether National Bank fell under 3 euros, while Eurobank EFG came yet nearer the 1-euro barrier, shedding 3.60 percent.

Turnover came to 48.2 million euros. Just 20 stocks advanced, 107 fell and 36 remained unchanged.