Recap, results deadline send bank stocks tumbling

The prospect of the recapitalization process – which the bailout tranche disbursement has brought ever closer – with the tough terms it entails for small shareholders of banks, as well as the approach of the deadline for lenders’ financial results on Friday, sent the credit sector’s stocks on the local bourse tumbling to the lowest point of the last three months on Monday.

The Athens Exchange (ATHEX) general index ended at 844.46 points, declining by 1.47 percent from Friday’s 857.05 points. The large-cap FTSE/ATHEX-25 index contracted by 0.32 percent to end at 290.34 points.

All main banks sustained major losses on Monday, with Alpha shedding 14.94 percent, Piraeus shrinking by 14.64 percent, Eurobank dropping by 13.48 percent and National giving up 11.68 percent.

Viohalco (up 2.45 percent) and Frigoglass (2.37 percent) outperformed among blue chips.

In total 66 stocks went up, 83 fell and 25 stayed put.

Turnover amounted to 69.7 million euros, up from 38 million last Friday.

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