Bond rate sends stocks tumbling
The widening of the spread between the yield on the Greek 10-year bond and that of the German Bund to over 360 basis points sparked a significant slide for stocks on the Greek market. The Athens Exchange (ATHEX) general index closed at 1,972.93 points yesterday, declining by 3.89 percent from Tuesday’s close at 2,052.77 points. This is the first time the index has dropped below the 2,000-point mark since April 29, 2009. The blue chip FTSE/ATHEX 20 index contracted by 4.68 percent to end at 991.66 points. All blue chips headed south, led by Alpha Bank (down 7.89 percent), Piraeus Bank (6.87 percent), Mytilineos (6.53 percent), National Bank (5.64 percent) and EFG Eurobank (5.35 percent). Turnover amounted to 210.2 million euros.