ECONOMY

Banks lead Greek stock market slump

The Greek stock market closed before the details of the blueprint that Greece will submit to the Eurogroup became known on Monday, but investors were kept busy enough factoring in last Friday’s rating downgrade by Standard & Poor’s, Moody’s threat for another downgrade, and above all Prime Minister Alexis Tsipras’s speech in Parliament on Sunday, sending stocks nearly 5 percent lower.

The Athens Exchange (ATHEX) general index closed at 765.22 points, shedding 4.75 percent from Friday’s 803.36 points. The large-cap FTSE/ATHEX 25 index contracted 5.79 percent to end at 226.17 points.

Statements by foreign officials and observers made the atmosphere even heavier, while most foreign portfolios chose to stay out of trading in anticipation of this week’s developments, which led to lower trading.

No prizes for guessing that banks took the biggest blow (down 9.81 percent), with Piraeus falling 14.05 percent. PPC was the only blue chip to rise, by 0.58 percent.

In total 23 stocks reported gains, 91 registered losses and 17 remained unchanged.

Turnover came to 85 million euros, down from last Friday’s 111.8 million.