ECONOMY

Most blue chips rebound, while bank stocks crumble

most-blue-chips-rebound-while-bank-stocks-crumble

The prospect of a new bailout agreement (including a new recapitalization for banks – that will devalue existing shares in the sector) resulted in most blue chips and other stocks enjoying their first gains on Tuesday after the bourse reopened on Monday, and in banks recording another limit down.

The Athens Exchange (ATHEX) general index closed at 659.94 points, shedding 1.22 percent from Monday’s 668.06 points. It dipped almost 5 percent at the beginning of trade. The large-cap FTSE 25 index declined 3.61 percent to end up at 194.45 points.

The banks index plunged to an all-time low of 326.56 points on Tuesday, losing 29.26 percent, as Piraeus fell 30 percent, Eurobank 29.70 percent, Alpha 29.65 percent and National 28.45 percent.

On the other hand most other blue chips posted a remarkable rebound, with Lamda Development soaring 12.39 percent and METKA surging 11.94 percent.

Sixty stocks went up, 34 posted losses and nine closed unchanged.

Turnover came to 63.7 million euros, from Monday’s 66.9 million.