ECONOMY

Disapproval and warning weigh heavily on Greek stocks

The European Commission’s disapproval of the Greek government’s unilateral moves regarding bills on the humanitarian crisis and the 100-installment payment plans for taxpayers, as well as a warning from the head of the Eurogroup that measures such as the capital controls imposed on Cyprus in 2013 could also be applied in Greece inflicted fresh losses on local stocks on Wednesday.

The Athens Exchange (ATHEX) general index closed at 737.96 points, shedding 4.13 percent from Tuesday’s 769.77 points.

The large-cap FTSE/ATHEX 25 index contracted 3.95 percent to end at 218.48 points.

The banks index suffered losses of 8.26 percent, as National gave up 10.34 percent, Alpha fell 8.55 percent and Eurobank lost 8.08 percent.

Jumbo dropped 9.09 percent.

Coca-Cola HBC outperformed, adding 2.29 percent.

In total 20 stocks went up, 93 declined and 16 stayed put.

Turnover amounted to 95.4 million euros, up from Tuesday’s 71.6 million.