ECONOMY

ATHEX: Bank stocks’ losses keep on mounting

athex-bank-stocks-losses-keep-on-mounting

Bank stocks came under fresh pressure on Thursday, with the benchmark yielding more ground at the close despite spending some time in the black during the day. Global pessimism regarding the economy and the World Health Organization’s statement that the coronavirus may never go away weighed on most markets, with Athinon Avenue proving to be no exception.

The Athens Exchange (ATHEX) general index ended at 588.12 points, shedding 0.46% from Wednesday’s 590.84 points. The large-cap FTSE 25 index contracted 1.08% to 1,403.17 points.

The banks index sank 3.84%, as Eurobank parted with 5.67%, Piraeus dropped 4.31%, National shrank 3.74% and Alpha decreased 1.89%

The Elliniko news boosted Lamda Development, which earned 2.99%, as ADMIE Holdings advanced 4% and Motor Oil improved 2.95%. Coca-Cola HBC declined 4.85% and Sarantis fell 3.94%.

In total 33 stocks notched up gains, 61 recorded losses and 23 remained unchanged.

Turnover came to 44.4 million euros, down from Wednesday’s €63.3 million.

In Nicosia, the general index of the Cyprus Stock Exchange increased 0.11% to close at 46.50 points.