ECONOMY

Bank stocks suffer increasing pressure

The increasing view that the 50 percent haircut on Greek debt held by private sector bondholders will not be sufficient piled yet more pressure on local stocks on Tuesday.

The Athens Exchange (ATHEX) general index ended the day at 665.63 points, dropping by 1.20 percent from Monday?s closing figure of 673.71 points. The blue chip FTSE/ATHEX 20 index contracted by 2.52 percent to close at 254.51 points.

Banks predictably suffered most of the pressure, with Eurobank EFG shedding 11.08 percent and Alpha declining by 10.20 percent. Hellenic Petroleum added 1.90 percent.

In total, 45 stocks registered gains, 95 posted losses and 21 remained unchanged.

Turnover amounted to 18.9 million euros, up from Monday?s 11.3 million.