ECONOMY

Banks sink after Goldman report

A negative Goldman Sachs report predicting a tough couple of years ahead for the Greek banking sector weighed heavily on the market session yesterday as stocks saw their early morning gains turn into losses by the end of the day. The Athens Exchange (ATHEX) general index closed at 2,366.86 points yesterday, shedding 2.73 percent from Wednesday’s close at 2,433.24 points. The blue chip FTSE/ATHEX 20 index lost 3.67 percent to end at 1,236.39 points. Banks suffered major losses, with EFG Eurobank shedding 6.46 percent, Piraeus Bank falling by 6.39 percent, Hellenic Postbank shrinking by 5.98 percent, Bank of Cyprus declining by 5.87 percent, National Bank dropping by 5.19 percent and Marfin Popular Bank contracting by 3.41 percent. Coca-Cola HBC bucked the trend, rising by 5.84 percent. Turnover amounted to 242.8 million euros.