Elections hurt stocks except for media
The snap poll called last week had a major impact on Greek stocks, with the market taking an immediate dip, while the bomb blast outside the stock market’s building in Athens on Wednesday morning did not help either. The Athens Exchange (ATHEX) general index closed the week on Friday at 2,425.23 points, recording a 4.53 percent decline from the previous week’s closing at 2,540.40 points. Interestingly, the news of the early election announced on Wednesday had a markedly favorable impact on mass media stocks, of which the sectoral index rose by 35.34 percent. All other sectoral indices headed southward. The remaining 20 sessions until the October 4 poll will be dominated by instability and uncertainty as investment, growth and the economy in general slowly grind to a halt. State company stocks are very likely to be affected in the run-up to polling day, with ATEbank, Hellenic Postbank, OPAP, PPC, OTE telecoms and National Bank all facing uncertainty should the government change, according to a report by Marfin Analysis.
