ATHEX: Lenders’ plans send their stocks lower

ATHEX: Lenders’ plans send their stocks lower

Investors clearly expressed their disappointment on Wednesday with the announcements by Greek banks regarding their next moves aimed at covering their capital requirements, including perennially unpopular reverse splits. The banks index lost more than 10 percent, while Greek traders are asking to be allowed to have the capital controls lifted for them so they can participate in the share capital increases.

The Athens Exchange (ATHEX) general index closed at 708.59 points, shedding 1.33 percent from Tuesday’s 718.14 points. The large-cap FTSE 25 index contracted 0.85 percent, ending at 213.59 points.

National Bank lost only 4.09 percent – likely because it is the only systemic bank not to have announced a reverse split yet – while Piraeus fell 22.55 percent, Eurobank dropped 9.09 percent and Alpha declined 18.30 percent, as the sector’s index dropped 10.53 percent. Titan Cement outperformed, advancing 2.45 percent.

In total 32 stocks reported gains, 58 sustained losses and 19 stayed put.

Turnover amounted to 43.7 million euros, down from Tuesday’s 67 million.

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