ECONOMY

Local stock slide gathers pace on bank losses, VW

local-stock-slide-gathers-pace-on-bank-losses-vw

The Volkswagen scandal in Germany affected most European markets on Tuesday, with Athinon Avenue being no exception. As investors awaited the naming of the new Greek cabinet, stocks took a plunge, as did the day’s trading volume.

The Athens Exchange (ATHEX) general index closed at 677.47 points, shedding 2.32 percent from Monday’s 693.54 points. The large-cap FTSE 25 index contracted 2.77 percent to end at 198.42 points.

For the second day in a row after the elections the bank index lost over 8 percent (down 8.56 percent), with Piraeus Bank falling 11.21 percent, Alpha dropping 10.69 percent and Eurobank declining 8.11 percent.

The only blue chips to go up were Hellenic Exchanges (2.78 percent), Aegean Air (0.56 percent) and Jumbo (0.50 percent).

In total 27 stocks registered gains, 57 endured losses and 12 remained unchanged.

Turnover amounted to 33.7 million euros, down from Monday’s 40.8 million and the lowest of the last five sessions.