ECONOMY

Political fears send stocks tumbling

The narrowing of the government?s majority in Parliament after Wednesday?s vote on the midterm fiscal plan revived fears of political instability among investors, sending the local bourse?s benchmark index below 800 points on Thursday.

The Athens Exchange (ATHEX) general index ended at 794.67 points, shedding 3.77 percent from Wednesday?s closing figure of 825.80 points. The blue chip FTSE/ATHEX 20 index contracted by 5.30 percent to close at 287.75 points.

Banks sustained severe losses, led by Piraeus (down 18.29 percent), Alpha (13.20 percent), Eurobank (12.70 percent) and National (10.47 percent). Motor Oil bucked the trend with gains of 1.47 percent.

In total 25 stocks posted a rise, 107 registered a decline and 17 remained unchanged.

Turnover amounted to 61 million euros, against Wednesday?s 48.3 million.