ECONOMY

ATHEX: Bourse drops 3 pct on banks

athex-bourse-drops-3-pct-on-banks

The likelihood that Greece’s systemic banks will need to boost their share capital continued to weigh on the value of their stocks on Monday, leading the Greek benchmark to losses, while trading volume again failed to clear 20 million euros.

The ATHEX general index closed at 654.70 points, shedding 3.03 percent from Friday’s 675.17 points. The large-cap FTSE 25 index contracted 3.22 percent to end at 190.83 points.

Banks sank 15.14 percent on news that, ahead of the stress tests, the European Central Bank’s Single Supervisory Mechanism has rejected the Greek banks’ restructuring plans as far as the management of the nonperforming loans is concerned.

Eurobank fell 19.35 percent, Alpha dropped 16.30 percent, Piraeus Bank lost 15.96 percent and National gave up 12.88 percent. The only blue chip to go up was OPAP, adding 0.76 percent.

In total 22 stocks reported gains, 67 registered losses and 10 remained unchanged.

Turnover amounted to just 18.7 million euros, just up on last Friday’s 17.4 million.