ECONOMY

ATHEX: Global jitters throw local stock index into nosedive

athex-global-jitters-throw-local-stock-index-into-nosedive

Athinon Avenue on Monday followed the global sell-off trend triggered by Washington’s intention to raise the trade war stakes with China, posting remarkable losses that were even greater for bank stocks.

The Athens Exchange (ATHEX) general index closed at 754.20 points, shedding 2.60 percent from Friday’s 774.37 points. The large-cap FTSE-25 index contracted 2.30 percent to 1,954.37 points.

The banks index slumped 3.98 percent, with both Alpha and Piraeus dropping 4.38 percent, National slipping 4.04 percent and Eurobank giving up 3.22 percent. Piraeus Port Authority – controlled by China’s Cosco – conceded 6.76 percent, GEK Terna fell 5.35 percent, Ellaktor gave up 4.54 percent and Viohalco shrank 4.01 percent. PPC was the only blue-chip to buck the trend, rising 1.98 percent.

In total 15 stocks posted gains, 84 endured losses and 21 stayed put.

Turnover came to 43.7 million euros, up from last Friday’s 42.7 million.

In Nicosia the Cyprus Stock Exchange declined 1.67 percent to close at 70.06 points.