Concerns about the increasing political risk of repeat elections and regarding the assessment that the country’s creditors are set to start on Tuesday sparked another sell-off on Monday at the Athens bourse, which was only contained toward the end of the session after the benchmark flirted with a new year-low below the 1,050-point mark.
The Athens Exchange (ATHEX) general index ended at 1,053.32 points, its lowest since August 8, shedding 3.05 percent from Friday’s 1,086.50 points.
The large-cap FTSE/ATHEX 25 index contracted 3.02 percent, closing at 341.92 points.
Another reason cited for the drop observed in recent weeks is the weakness of the euro against the dollar, which has led American investors to reduce their portfolios in Greece, as in many other emerging markets. Traders are now awaiting the European Central Bank board meeting on Thursday in hope of a change of course.
All but one blue chip headed south, led by EYDAP (which gave up 6.91 percent), Viohalco (6.39 percent), Alpha Bank (5.78 percent) and Public Power Corporation (5.74 percent). GEK Terna was the only large-cap that ended unchanged.
In total 24 stocks registered gains, 109 reported losses and 15 remained unchanged.
Turnover amounted to 106.1 million euros, up from last Friday’s 79.7 million.