ECONOMY

ATHEX: Bank stocks’ losses weigh on benchmark

athex-bank-stocks-losses-weigh-on-benchmark

After a brief respite on Tuesday when bank stocks on the Athens bourse managed to chalk up gains of 11.3 percent, their sectoral index resumed its southbound course on Wednesday, dragging other Greek blue chips down too.

The Athens Exchange (ATHEX) general index closed at 642.82 points, shedding 0.82 percent from Tuesday’s 648.12 points. The large-cap FTSE 25 index contracted 0.90 percent to end at 191.20 points.

The banks index fell to a new historic low as National Bank lost 19.75 percent, Alpha fell 16.13 percent, Eurobank declined 12.50 percent and Piraeus gave up 8.33 percent. Among other blue chips Grivalia Properties expanded 6.14 percent and Lamda Development advanced 2.22 percent, while Mytilineos slumped 5.64 percent and METKA shrank 3.49 percent.

Traders appeared concerned at the delayed rebalancing of bank chips in the bourse’s indices after the introduction of the lenders’ shares: It will take place five sessions after they begin trading in early December, so as to allow the flurry from the first sales to subside.

In total 38 stocks registered gains, 54 recorded losses and 21 remained unchanged.

Turnover amounted to 39.8 million euros, down from Tuesday’s 51.2 million.