ATHEX: Stocks tumble on IMF and Euro Working Group news
As expected, the Greek bourse benchmark failed to hold on to the 8 percent increase posted at the end of Thursday’s session since there simply weren’t enough solid facts to back it up. Following news of the IMF’s withdrawal from the Brussels Group and the Euro Working Group’s initial discussion about a Greek default on Friday, the local stock market’s main index ended with losses of nearly 6 percent.
The Athens Exchange (ATHEX) closed at 774.46 points, shedding 5.92 percent from Thursday’s 823.16 points. On a weekly basis it gave up 1.48 percent. The large-cap FTSE/ATHEX 25 index contracted 6.52 percent to close at 231.68 points.
Banks shrank 11.80 percent, with Piraeus dropping 13.47 percent, Alpha falling 12.99 percent and National losing 11.02 percent. Not a single blue chip managed to dodge the drop.
In total 21 stocks posted gains, 98 recorded losses and 14 were non-movers.
Turnover amounted to 84.4 million euros, down from Thursday’s 93.1 million.
