ECONOMY

Stocks retreat on fears over bank recapitalization

Growing uncertainty regarding the recapitalization of the credit sector resulted in heavy losses for bank stocks in Tuesday?s bourse session, which set the whole stock market on a southbound course.

The Athens Exchange (ATHEX) general index ended the day at 752.70 points, shedding 1.91 percent from Monday?s closing of 767.32 points.

The blue chip FTSE/ATHEX 20 index lost 3.04 percent to close at 294.22 points.

The banks sectoral index dived 8.04 percent as Eurobank EFG dropped 17.50 percent, Alpha fell 15.08 percent and Hellenic Postbank contracted 12.68 percent. Viohalco bucked the trend with gains of 2.40 percent.

In total, 48 stocks registered gains, 85 posted losses and 35 remained unchanged.

Turnover amounted to 45.8 million euros, up from 29.4 million on Monday.