ECONOMY

Hopeful talk fails to help as local stocks take a tumble

Despite talk that Greece’s credit rating is set for an upgrade by Standard & Poor’s, along with estimates that the local credit sector won’t face any additional requirements following the stress tests, the local stock market sustained significant losses on Tuesday, with banks being the worst hit.

The Athens Exchange (ATHEX) general index ended at 1,165.38 points, dropping 2.61 percent from Monday’s 1,196.63 points. The large-cap FTSE/ATHEX 25 index contracted 2.79 percent to close at 377.69 points.

Banks fell 3.38 percent, as National lost 4.46 percent, Eurobank dropped 3.68 percent, Piraeus shrank 2.58 percent and Alpha declined 2.16 percent. Jumbo decreased 4.43 percent. Ellaktor was the only blue chip not to head south as it stayed put.

In total 38 stocks posted gains, 28 took losses and 25 remained unchanged.

Turnover amounted to 91.2 million euros, up from Monday’s 65.2 million.