ECONOMY

ATHEX: Banks give up 29.3 pct over the week as bourse continues its descent

athex-banks-give-up-29-3-pct-over-the-week-as-bourse-continues-its-descent

Despite early signs of hope, there was no letup for Greek stocks on Friday, which not only failed to claw back any of the ground lost earlier this week but ended with additional losses which took the benchmark even closer to the 500-point level, while the banks index slumped 29.32 percent in the week’s trade.

The Athens Exchange (ATHEX) general index closed at 503.88 points, dropping 1.09 percent from Thursday’s 509.45 points, despite growing 0.93 percent at one point. On a weekly basis it conceded 8.85 percent, making it four losing weeks out of five so far this year.

The large-cap FTSE 25 index contracted 1.56 percent on Friday to end at 135.34 points, a new historic low.

The banks index fell 5.10 percent, with Alpha plummeting 8.11 percent, Piraeus shrinking 6.21 percent and Eurobank shedding 3.52 percent. Motor Oil lost 4.99 percent, while Jumbo jumped 4.69 percent and Aegean Air rose 1.43 percent.

In total 35 stocks posted gains, 47 took losses and 25 stayed put. Turnover amounted to 66.6 million euros, down from Thursday’s 81.1 million.

In Nicosia the general index of the Cyprus Stock Exchange slid 0.36 percent to 66.74 points.