ECONOMY

Banks lead slide after 3-day rise

banks-lead-slide-after-3-day-rise

Greek stocks headed south on Thursday, after three sessions with total gains of 1.88%.

As usual, Athens followed declining European markets, even though it usually fails to respond when the same markets rise.

Bank shares led the sales, while turnover was down significantly.

The general index ended at 636.92 points, a drop of 1.45%.

The auctions at the end of the main session helped limit losses, leading some analysts to hope that the market will resume its upward course on Friday.

Of the 106 traded stocks, 26 ended with gains, 57 with losses and 23 with no change.

Turnover was 21.77 million on volume of 16,186,054 shares.

Blue chips gave up 1.54% and mid-caps fell 1.10%.

Only three blue chips ended with gains: Terna Energy (0.69%), holding company Fourlis (0.37%), and OTE Telecom (0.29%).

Top losers among the blue chips were Motor Oil (3.87%), Piraeus Bank (3.79%), Alpha Bank (3.58%), Eurobank (3.23%), National Bank (3.18%) and Piraeus Port (2.88%).

Among sector indices, technology and commerce actually gained, 0.68% and 0.37%, respectively. The top losers were banks (3.38%) and oil and gas (3.30%).