ECONOMY

Stocks post correction as political jitters raise fears

Wednesday’s significant drop on the Greek bourse was long overdue following an unexpectedly long period of stock growth, but its timing, which coincided with fresh fears regarding political stability due to the government’s clash with the country’s creditors, raises concerns that the correction may be prolonged.

The Athens Exchange (ATHEX) general index closed at 1,156.36 points, shedding 3.82 percent from Tuesday’s 1,202.27 points. The large-cap FTSE/ATHEX 25 contracted by 3.60 percent to end at 385.52 points.

National Bank was the worst off, falling 7.45 percent, with Marfin Investment Group dropping 7.35 percent. The EYDAP water company bucked the trend, adding 3.12 percent.

In total, 44 stocks moved up, 102 headed south and 13 stayed put.

Turnover amounted to 133.3 million euros, down from Tuesday’s 148.9 million.