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Greek Stocks Plunge On Debt Fears
Athens market dissipated on Thursday the profits of previous two days, amid growing speculation on a possible Greek debt restructuring and the intense widening of Greek government bond spreads.
Banking sector was forced into losses of 5%, close to session’s low, while all shares of FTSE20 ended in negative territory. Only one share of General Index’s ended on positive grounds, and two remained unchanged.
Thursday’s meeting demonstrated once again the vulnerability of the Greek market to any kind of scenarios, speculation and public statements regarding the fate of the Greek debt, according to analysts. The Athens Stock Exchange has been left for a long time without any positive catalyst to support a fundamental reaction, rather than convulsive technical reactions.
Most investors maintain a wait-and-see stance perhaps in anticipation of the announcement of further fiscal measures and details of the privatization program. However, the domestic market seems in need of a shock in order to recover.
In any case, analysts comment, the trading activity is expected to remain thin in the near future, with strong fluctuations and the risk on the downside.
Across the board, the General Index ended at 1,487.76 units, down 2.83%, moving in negative territory throughout the session. 26.56 million units worth €96.18m were traded on Thursday, while a total amount of 118 share declined, 28 rose and 136 remained unchanged.
Banks fell by 5.02%, at 1,169.61 units. Geniki Bank dropped by 6.15% at €1.22, while Piraeus Bank and Eurobank declined 5.88% and 5.71% respectively. Hellenic Postbank and National Bank lost 5.26% and 5.20% respectively, while Proton Bank, Attica, Bank of Cyprus and Marfin Popular Bank recorded losses of 4.69%, 4.08%, 3.95% and 3.41% respectively.
(capital.gr)
Athens market dissipated on Thursday the profits of previous two days, amid growing speculation on a possible Greek debt restructuring and the intense widening of Greek government bond spreads.
Banking sector was forced into losses of 5%, close to session’s low, while all shares of FTSE20 ended in negative territory. Only one share of General Index’s ended on positive grounds, and two remained unchanged.
Thursday’s meeting demonstrated once again the vulnerability of the Greek market to any kind of scenarios, speculation and public statements regarding the fate of the Greek debt, according to analysts. The Athens Stock Exchange has been left for a long time without any positive catalyst to support a fundamental reaction, rather than convulsive technical reactions.
Most investors maintain a wait-and-see stance perhaps in anticipation of the announcement of further fiscal measures and details of the privatization program. However, the domestic market seems in need of a shock in order to recover.
In any case, analysts comment, the trading activity is expected to remain thin in the near future, with strong fluctuations and the risk on the downside.
Across the board, the General Index ended at 1,487.76 units, down 2.83%, moving in negative territory throughout the session. 26.56 million units worth €96.18m were traded on Thursday, while a total amount of 118 share declined, 28 rose and 136 remained unchanged.
Banks fell by 5.02%, at 1,169.61 units. Geniki Bank dropped by 6.15% at €1.22, while Piraeus Bank and Eurobank declined 5.88% and 5.71% respectively. Hellenic Postbank and National Bank lost 5.26% and 5.20% respectively, while Proton Bank, Attica, Bank of Cyprus and Marfin Popular Bank recorded losses of 4.69%, 4.08%, 3.95% and 3.41% respectively.
(capital.gr)