ECONOMY

Another day of major losses on Athens bourse

The Greek bourse suffered a second day of major losses on Wednesday as fears that bank accounts in other eurozone countries may be subject to haircuts similar to that in Cyprus have grown following conflicting statements from the bloc’s leaders.

The Athens Exchange (ATHEX) general index closed at 849.62 points, shrinking by 3.99 percent from Tuesday’s 884.94 points. It has lost over 80 points since last Friday’s close. The large-cap FTSE/ATHEX-25 index contracted by 4.29 percent, ending at 273.96 points.

After falling by as much as 7.2 percent in the course of Wednesday, the main index managed to claw back some of the lost ground, ending up just below the 850-point level.

Investors fear that developments in Cyprus and the eurozone in general will delay state sell-offs and bank recapitalizations, although Piraeus Bank is now more confident it will preserve its private character after being strengthened by its absorption of the Cypriot branches in Greece.

Piraeus dipped 0.47 percent on Wednesday, while PPC sank 13.08 percent and Ellaktor dived 10.43 percent.

In total 25 stocks registered gains, 124 suffered losses and 14 remained unchanged.

Turnover amounted to 90.8 million euros, up from Tuesday’s 79.2 million.