ECONOMY

Investors vent their ire at bank chips

Local lenders continued to drag the Greek bourse lower on Thursday, with the banks index down 10 percent at one point before ending with daily losses of 5.06 percent, based on fears that shareholders will see their stakes shrink if lenders proceed to share capital increases.

The Athens Exchange (ATHEX) general index ended at 906.97 points, shedding 2.80 percent from Wednesday’s 933.11 points. The large-cap FTSE/ATHEX 25 index contracted 3.05 percent to 296.32 points.

Observers are insisting that the market will not revert to sustained growth unless the political risk goes away for good.

All banks declined, with Alpha falling 6.43 percent, National dropping 5.50 percent, Eurobank losing 5 percent and Piraeus giving up 3.36 percent.

Jumbo was the blue chip with the biggest rise, adding 2.54 percent.

In total 32 stocks enjoyed gains, 80 gave ground and 20 closed unchanged.

Turnover amounted to 180 million euros, up from Wednesday’s 153.3 million.