ECONOMY

ATHEX: Bank stocks take 10 pct nosedive

athex-bank-stocks-take-10-pct-nosedive

Credit sector stocks led the benchmark of the Greek bourse further below the 600-point mark on Wednesday. It followed the relegation of the domestic banks’ outlook from positive to stable by Moody’s, and the restructuring of the MSCI index, which also sent trading volume to its highest point in 15 sessions.

The Athens Exchange (ATHEX) general index ended at 590.84 points, shedding 0.97% from Tuesday’s 596.65 points. The large-cap FTSE 25 index contracted 1.11% to 1,418.51 points.

The stocks of Alpha, Eurobank, Titan Cement and National were dismissed from the MSCI Standard index for Greece, leaving just Motor Oil, Jumbo, OPAP and OTE.

The banks index dropped 9.67%, as National fell 12.37%, Alpha gave up 10.44%, Eurobank surrendered 10.15% and Piraeus eased 1.43%. Motor Oil grew 3.95 % and OTE telecom advanced 3.72%.

In total 21 stocks registered gains, 74 endured losses and 19 remained unchanged.

Turnover amounted to 63.3 million euros, up from Tuesday’s €39.4 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 1.67% to close at 46.45 points.