ECONOMY

ATHEX: Stocks fall to three-month low

athex-stocks-fall-to-three-month-low

Greek stocks nose-dived on Tuesday, in line with many international markets, with the benchmark dropping to a level unseen since August 24, just after September’s snap election was called. Observers attributed the major slide in Greek stock and bond prices to what bond buyers view as the return of political risk.

The Athens Exchange (ATHEX) general index closed at 581.90 points, shedding 4.43 percent from Monday’s 608.85 points. The large-cap FTSE 25 index contracted 4.60 percent to end at 171.75 points

The price drop was across the board in Tuesday’s session, but the declines of Piraeus Bank (29.89 percent) and National Bank (19.67 percent) stood out while the other two main lenders resisted the pressure, as Alpha fell by just 1.08 percent and Eurobank advanced 0.56 percent, making it the only blue chip to post a rise.

Alpha contained its fall thanks to a favorable report by Goldman Sachs.

There also were major losses for Ellaktor (down 11.33 percent) and Viohalco (11.23 percent).

In total 18 stocks posted gains, 76 headed south and 26 ended unchanged.

Turnover amounted to 92.2 million euros, up from Monday’s 47.2 million.