ECONOMY

Banks decline over 8 percent after election

banks-decline-over-8-percent-after-election

The first bourse session after the general election ended with a mixed picture for Greek stocks, as investors are waiting to hear about the new government’s policies on thorny issues such as the implementation of reforms, as well as get an idea of its attitude toward the country’s creditors.

The Athens Exchange (ATHEX) general index closed at 693.54 points, shedding 0.58 percent from Friday’s 697.57 points. The large-cap FTSE 25 index contracted by 0.36 percent to end at 204.07 points.

The 8.32 percent drop in the banks’ sectoral index was reminiscent of the 9.1 percent decline recorded the day after SYRIZA’s previous electoral victory in January. On Monday Eurobank slid 11.90 percent, Alpha Bank declined 9.66 percent and National lost 7.54 percent.

Among other blue chips the biggest increases were for OTE telecom (up 4.23 percent), EYDAP (3.13 percent) and Motor Oil (3.06 percent), while Jumbo gave up 4.53 percent and Hellenic Exchanges slumped 3.74 percent.

In total 43 stocks recorded gains, 42 suffered losses and 12 remained unchanged.

Turnover amounted to 40.8 million euros, down from Friday’s 44.2 million.