ECONOMY

ATHEX: Local stock market takes beating

athex-local-stock-market-takes-beating

The double whammy of mounting worries over the coronavirus epidemic and the standoff between Saudi Arabia and Russia on oil output and prices wreaked havoc on global markets, with Athinon Avenue taking a serious beating on Monday in the biggest daily declined suffered in almost four years. All of the impressive gains recorded in 2019 have been wiped out in the last few session, as the benchmark returned to November 2018 levels.

The Athens Exchange (ATHEX) general index ended at 593.07 points, shedding 13.39 percent from Friday’s 684.74 points. The large-cap FTSE 25 index contracted 11.87 percent to 1,531.91 points.

Τhe banks index slumped 16.95 percent, as National lost 20.34 percent, Piraeus fell 18.86 percent, Alpha parted with 15.58 percent and Eurobank gave up 15.15 percent. GEK Terna shrank 26.87 percent, PPC declined 24.24 percent and Aegean Air conceded 22.86 percent.

In total five stocks reported gains, 112 suffered losses and 10 remained unchanged.

Turnover came to 138.6 million euros, up from last Friday’s 122.3 million.

The general index of the Cyprus Stock Exchange shrank 7.44 percent to close at 57.60 points.