ECONOMY

Greek stocks fall for 2nd day, extending biggest rout in decades

greek-stocks-fall-for-2nd-day-extending-biggest-rout-in-decades

Stocks in Athens fell after the biggest slump since at least 1987 as the nation seeks a return to normal after a five-week shutdown of its exchange.

The ASE Index lost 4.9 percent to 635.06 at 10:37 a.m. in Athens. Banks led the drop, with Piraeus Bank SA slumping 30 percent, while National Bank of Greece SA tumbled 29 percent.

The benchmark gauge slid 16 percent yesterday, when trading on the Athens Stock Exchange resumed.

Trading is hampered because of emergency curbs put in place as the nation still has capital controls in place.

A total of 58 stocks were halted or paused Monday, the Athens exchange said. Stocks with extreme volatility were halted sooner than normal, while would-be buyers had to raise money from places other than their bank accounts. Less than 31 million ASE shares changed hands on Monday, the least since November.

Greek stocks have lost 85 percent of their value since 2007. The nation’s benchmark gauge closed at its lowest level since September 2012 on Monday.

[Bloomberg]