Athens Stocks Down 17.4% in 10 Days
Greek stocks suffered heavy losses on Friday tracking international bourses lower.
The General Index fell 2.25% extending a nine-day losing streak while the banking index ended 1.88% lower rebounding from a day low at 698.76 points (-6.95%).
“As the momentum of foreign markets points towards a meltdown (possibly supported by news content that will be announced in the near future), it is only natural for the domestic bourse to continue to drop, fully correlating its course with the negative business sentiment abroad” Pegasus Securities said in a report.
“Aforementioned trend is effectively assisted by contradicted statements made by EU Officials that puzzle investors, concerning the willingness of ECB to proceed with large-scale periphery sovereign bond purchases in order to push the respective markets and limit contagion effects before they move to Italy and/or Spain” it added.
“In this context, we remain very cautious as to the GI’s short-term course, considering that a lasting ascending break will only come after resolutions concerning the fiscal debt condition of all EU Member States are announced, thus regarding short reactions as an opportunity to increase portfolio liquidity” Pegasus said.
Total turnover stood on Friday at 87.89 million euro.
In the FTSE20 index Coca-Cola Hellenic gained 0.91% at EUR16.60 while Eurobank remained unchanged at EUR 2.42.
In negative territory Viohalco shed 7.54% followed by Marfin Popular Bank (-6.98%),. PPC (-6.72%) and Ellaktor (-5.14%). Hellenic Postbank, Bank of Cyprus, OPAP and Bank of Piraeus all lost more than 4%.
Hellenic Telecom fell 2.69% at EUR 4.70 while Alpha Bank and NBG shares posted 0.71% and 0.47% losses respectively.
(capital.gr)
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