ECONOMY

Stocks tumble on investor selling spree

The pessimism hanging over the country’s chances of finding a way out of the economic and liquidity impasse following Monday’s Eurogroup led Greek stocks to significant losses in Monday’s session, which came ahead of the eurozone ministers’ meeting, and with banks again suffering the biggest decline.

The Athens Exchange (ATHEX) general index closed at 814.70 points, shedding 4.18 percent from Friday’s 850.27 points. The large-cap FTSE/ATHEX 25 index contracted 4.38 percent to end at 240.55 points, although small-caps advanced 0.58 percent.

The local market’s course to date reveals a complete absence of buyers, as last month’s rally was based on overoptimistic hopes regarding the government’s relationship with its creditors, and it seems that prices must fall considerably now before they go back up.

That is why banks, which command the lion’s share of the bourse’s capitalization, suffered the biggest losses, as Piraeus fell 12.35 percent and Eurobank dropped 11.29 percent. All blue chips headed south.

In total 27 stocks posted gains, 83 sustained losses and 18 stayed put.

Turnover amounted to 69.6 million euros, up from last Friday’s 65.6 million.