ECONOMY

Cash fears fuel bank stocks selling spree

The Greek cash crunch inflicted more losses on local lenders’ stocks on Monday, with the banks index losing almost 10 percent (down 9.91 percent) and the bourse benchmark declining for the fourth session in a row.

The Athens Exchange (ATHEX) general index closed at 858.95 points, shedding 2.45 percent from Friday’s 880.48 points. The large-cap FTSE/ATHEX 25 index contracted 2.68 percent to end at 251.58 points.

Piraeus Bank fell 11.80 percent, National Bank lost 11.19 percent and Alpha gave up 10 percent. Titan Cement added 4.03 percent.

In total 41 stocks expanded, 81 declined and 14 stayed put.

Turnover was the lowest of the last 12 sessions, at 83 million euros, against last Friday’s 101.5 million.