Greek Banks Drag ASE Down
In a very thin turnover, the banking index dissipated much of Friday’s gains, dragging Athens market down on Monday, while postponement of final decisions on the Greek crisis maintains uncertainty.
The Friday’s upward relief proved to be casual, as the banking sector fell prey to consolidation and profit-making moves, in a climate of nervousness due to laxity of European officials.
Eurozone leaders will form the final terms of the program of “voluntary” participation of private bondholders in the new rescue package for Greece in July, Eurogroup head Jean-Claude Juncker stated after a meeting of finance ministers at Luxembourg.
The inhibitions of investors continue, although the market anticipates an amount of positive developments in the new future, as the government’s vote of confidence is expected tomorrow and the adoption of the medium-term fiscal program is planned for next week, said Takis Zamanis, head of trading at Beta Securities.
He estimated that there will be no problem at the political level, referring to both resolutions and “sees” an upward movement in the Greek market, since the obstacles are overcome and both the release of the fifth aid instalment and the second rescue package to Greece finalise.
Across the board, the General Index ended at 1,229.43 units, posting losses of 1.96%, despite early gains of 0.8%. Approximately 22.27 million units worth €56.55m were traded on Monday, while a total amount of 86 shares declined, 52 rose and 142 remained unchanged.
Banks suffered heavy losses, ending at 919.85 units, down 4.26%. Hellenic Postbank dropped by 6.73% at €2.77, while Proton Bank, Attica Bank, Bank of Cyprus and Eurobank lost more than 5%. Alpha Bank, Marfin Popular Bank and National Bank declined by 4.82%, 4.76% and 3.79%.
(capital.gr)