ECONOMY

Resignation adds to stock market blues, banks bear the brunt

The resignation of the head of Greece’s privatization agency (TAIPED) over the weekend added to an already timid mood among investors Monday, sending Greek stocks further south in the fourth straight day of losses.

The Athens Exchange (ATHEX) general index gave up 2.95 percent, closing at 927 points in thin trade. The large-caps index was down 2.86 percent, led by banks, which fell 5.28 percent. Heavyweights dominating turnover all lost more than 3 percent. OPAP slid 3.33 percent to 7.26 euros, Piraeus Bank plunged 5.50 percent to 1.03 euros, OTE telecom gave up 3.92 percent to 6.87 percent and National Bank dived 6.03 percent to 2.96 euros. Mid-caps fared even worse, with their index losing 4.51 percent.

Decliners beat winners 93 to 25, and turnover came to 35.89 million euros.