ECONOMY

ATHEX: Bundling of IMF tranches sends stocks plunging

The government’s decision to bundle its four June tranches to the International Monetary Fund, opting to delay payment of the first, due on Friday, generated jitters on the local stock market, with the benchmark shedding almost 5 percent as foreign investors scrambled for the exit.

The Athens Exchange (ATHEX) general index closed at 786.11 points, shedding 4.96 percent from Thursday’s 827.12 points. On a weekly basis it declined 4.76 percent. The large-cap FTSE/ATHEX 25 index contracted 5.03 percent to close at 235.42 points.

Banks led the sell-off as their sectoral index gave up 11.35 percent. Piraeus Bank fell 13.96 percent, Eurobank lost 12.24 percent, National declined 10.57 percent and Alpha shrank 9.61 percent. Coca-Cola HBC (up 0.67 percent) and Folli Follie (0.47 percent) were the only blue chips to buck the general trend.

In total 19 stocks moved up, 81 went down and 15 ended unchanged.

Turnover amounted to 109.4 million euros, up from Thursday’s 66.1 million.