ECONOMY

Index gives up 5 percent on investor nervousness

After a three-day weekend during which a controversial bailout deal for Cyprus emerged, along with a worrying statement by the head of the Eurogroup regarding the possibility of bank account haircuts in other countries, too, the reopening of the Greek stock market on Tuesday saw the evaporation of all the gains registered within 2013. Over 1.5 billion euros of its value was wiped out over the course of the session.

The Athens Exchange (ATHEX) general index closed at 884.94 points, shrinking by 4.90 percent from Friday’s 930.53 points. The large-cap FTSE/ATHEX-25 index contracted by 5.28 percent, ending at 286.24 points.

Marfin Investment Group fell 14.04 percent, followed by Jumbo (down 10.66 percent) and PPC (9.58 percent).

In total 32 stocks registered gains, 104 suffered losses and 16 remained unchanged.

Turnover amounted to 79.2 million euros, up from last Friday’s 72.2 million.