ATHEX: Stocks record second biggest decline ever

25 June 2016
100 Views

Stocks came under pressure in Greece from the start of trade on Friday, as was the case elsewhere in Europe. However, the local bourse fared even worse than its continental counterparts, with the benchmark posting a big decline of more than 13 percent at the end of the session due to its being more reliant on credit sector stocks, which suffered the greatest impact from the market turbulence after the UK referendum result in favor of an EU exit.

The Athens Exchange (ATHEX) general index closed at 534.78 points, plunging 13.42 percent from Thursday’s 617.69 points – the second biggest daily decline ever for the local benchmark. On a weekly basis it shrank 8.83 percent.

The large-cap FTSE 25 index contracted 15.85 percent on Friday to end at 1,443.74 points.

All four core banks opened at limit-down (minus 30 percent): Eurobank fell 30 percent, Alpha dropped 29.66, Piraeus lost 29.60 percent and National gave up 29.45 percent. A Black Friday indeed, as George Soros had predicted midweek, with 5.6 billion euros wiped off the bourse’s value.

In total 11 stocks registered gains, 99 posted losses and 10 held their ground.

Turnover amounted to 161.6 million euros, up from Thursday’s 74.2 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 3.61 percent to close at 65.90 points.

You may be interested

Greece Wins Europe’s Best Destination Video by the World Tourism Organization
GREECE
shares16 views
GREECE
shares16 views

Greece Wins Europe’s Best Destination Video by the World Tourism Organization

Panos - Sep 20, 2017

A video highlighting Greece’s natural, historical and cultural assets, was selected as the number one tourist video of a European…

Spectacular Fireworks Display at the Santorini Volcano Festival
GREECE
shares53 views
GREECE
shares53 views

Spectacular Fireworks Display at the Santorini Volcano Festival

Panos - Sep 20, 2017

Tourists lucky enough to be in the Greek island of Santorini last weekend, had the experience of a lifetime as…

Greek Debt Crisis: Why Syriza Continues to Lose
FINANCE
shares46 views
FINANCE
shares46 views

Greek Debt Crisis: Why Syriza Continues to Lose

Panos - Sep 20, 2017

This past August marked the second anniversary of the Greek debt crisis and the third major piling on of debt…

Leave a Comment

Your email address will not be published.