ECONOMY

Haircut concerns pile pressure on bank stocks

The Greek bourse is sinking ever lower, as the fifth session of the year on Monday saw stocks continue their decline, as has been the case every day since the start of the year.

The Athens Exchange (ATHEX) general index ended the day at 636.52 points, contracting by 1.71 percent from Thursday?s closing figure of 647.58 points. The blue chip FTSE/ATHEX 20 index gave up 2.17 percent to close at 241.80 points.

The rumors on a bigger-than-anticipated haircut on Greek debt continues to weigh heavily on banks, whose sectoral index has dropped to lows unseen since 1989. Alpha Bank was the worst off with losses of 7.53 percent.

In total, 34 stocks registered gains, 96 posted losses and 23 remained unchanged.

Turnover amounted to 24.4 million euros, up from last Thursday?s 21.2 million.