ECONOMY

Uncertainty on lenders’ union inflicts losses on benchmark

Banks are continuing to inflict major losses on the local stock market, as their index has declined by 53 percent since the start of the year. They dragged the benchmark down again on Friday after Thursday’s short-lived euphoria.

The Athens Exchange (ATHEX) general index closed at 822.95 points, contracting by 2.35 percent from Thursday’s 842.76 points. On a weekly basis it gave up 3.89 percent.

The large-cap FTSE/ATHEX-25 declined by 2.57 percent to 263.63 points.

As the uncertainty over the merger of National with Eurobank continued, Eurobank contracted by 21.05 percent and National gave up 11.11 percent.

Viohalco outperformed with growth of 1.83 percent.

In total 33 stocks posted gains, 103 sustained losses and 21 stayed put.

Turnover fell to 38.3 million euros from Thursday’s 38.5 million.