ECONOMY

Further stock losses on bank pessimism

Banks sank to a new nine-month low at the end of Monday’s bourse session, dragging the the benchmark down again following Friday’s 1.74 percent reduction, as a bearish mood dominated most other European markets, too.

The Athens Exchange (ATHEX) general index closed at 969.97 points, the lowest level of the last 32 sessions, giving up 2.06 percent from Friday’s 990.42. The large-cap FTSE/ATHEX-25 index contracted by 2.09 percent, ending at 320.04 points.

The government’s insistence on the original terms and timetable for the banks’ recapitalization has seen stock sellers take the game into their own hands.

Notably, shares of National Bank, the country’s biggest lender and the market barometer, ended the day at their lowest point in 24 years, 0.899 euros, posting a daily decline of 2.60 percent.

Viohalco contracted by 7.18 percent and Alpha Bank by 7.14 percent, while Eurobank Properties was one of only three large-caps to show any growth (up 1.72 percent).

In total 31 stocks recorded gains, 122 sustained losses and just nine remained unchanged.

Turnover amounted to 51.8 million euros, against last Friday’s 45.3 million.