ECONOMY

Sting in tail of trading week

One day was all it took to wipe out all of the week’s gains on Friday, as banks led the Greek bourse to major losses in the aftermath of a Eurogroup meeting that showed there is significant distance yet between the government and eurozone finance ministers.

The Athens Exchange (ATHEX) general index ended at 910.50 points, shedding 5.38 percent from Thursday’s 962.31 points. On a weekly basis it shrank by 0.58 percent despite four days of moderate gains from Monday to Thursday.

The large-cap FTSE/ATHEX 25 index contracted 5.60 percent to 295.40 points.

Banks have the greatest exposure to foreign investors and they were hit hardest yesterday as their index plunged 8.41 percent. Eurobank dropped 10.74 percent, Ellaktor slumped 10.19 and Piraeus Bank gave up 10.08 percent. The only blue chip to rise was Metka, adding 0.57 percent.

In total 25 stocks registered growth, 85 recorded losses and 13 remained unchanged.

Turnover amounted to 99 million euros, up from Thursday’s 71.6 million.