ECONOMY

Haircut fears send stocks to new 18-year lows

The Greek stock market registered a new 18-year low with Monday?s fresh losses on investor fears of a major haircut in Greek debt that would have a serious impact on local lenders.

The Athens Exchange (ATHEX) general index ended the session at 784.65 points, shedding 1.67 percent from last Friday?s closing figure.

The blue chip FTSE/ATHEX 20 index gave up 2.60 percent to end at 320.81 points.

The banks sectoral index declined by 6.27 percent yesterday as Hellenic Postbank spiraled 14.13 percent lower, Piraeus Bank dropped 12 percent, Alpha Bank declined by 8.46 percent and National Bank shed 6.52 percent.

In total, 40 stocks moved up, 101 went down and 41 remained unchanged.

Turnover came to 47 million euros.