ECONOMY

ATHEX stocks suffer their own haircut

Greek stocks sustained heavy losses during the week’s first session, which followed Monday’s holiday and came ahead of the Cypriot Parliament’s rejection of the bank account tax demanded by its euro partners and the International Monetary Fund in return for a bailout of the country’s battered economy.

The Athens Exchange (ATHEX) general index closed on Tuesday at 923.43 points, slumping 3.85 percent from Friday’s 960.42 points. The large-cap FTSE/ATHEX-25 index declined by 4.88 percent, ending at 297.77 points.

Trading of Bank of Cyprus and Cyprus Popular Bank stocks was suspended for Tuesday and Wednesday, upon the request of the Cypriot Capital Market Commission, but other banking stocks saw average losses of about 10 percent.

Eurobank Ergasias shrank by 14.65 percent, National gave up 14.57 percent to drop to just 65 cents, and Piraeus fell 12.38 percent. Marfin Investment Group fared even worse, shedding 23.90 percent.

Coca-Cola HBC bucked the trend, being the only blue chip to secure gains, which amounted to 3.70 percent.

In total 21 stocks registered gains, 112 recorded losses and 19 remained unchanged.

Turnover came to 71.7 million euros, down from last Friday’s 134.3 million.