Political Turmoil Weighs Heavily On ASE
Greek stocks and indices plunged on Tuesday, as rapid political developments and reactions weighed on the market after Greek Prime Minister announced its intention to hold a public referendum on EU Summit resolutions.
Intraday losses of the General Index and the banks reached 7.8% and 14.48% respectively, while European bourses were forced also in heavy losses.
“Political and economic uncertainty caused by the political developments last night would negatively affect the General Index today, according to a Beta Securities report.
Beta also spoke of climate of uncertainty, as a referendum would postpone the implementation of loan agreement of October 27.
Prime Minister’s announcement in the Greek parliament that there would be a referendum to approve the decisions made during last week’s European Union summit came as a surprise thus putting October 27th decision at risk, Marfin Analysis commented.
“We are entering a period of high uncertainty and political activity behind the scenes. Referendum or national elections appear to be the most possible scenarios”, said Marfin.
On the board, the General Index ended at 752.65 points with losses of 6.92%, while the trading volume was 46.6 million units of total value €75.72 million.
Banks closed with a fall of 11.3% to 280.47 points. A total amount of 119 shares declined, 29 rose and 128 unchanged.
Hellenic Postbank and National Bank suffered the heaviest pressures, posting losses of 16.11% and 14.53%, while Eurobank, OPAP and Alpha Bank fell by 11.76%, 11.19% and 11.11% respectively. Mytilineos and MIG lost around 10%.
Losses of OTE, PPC and Motor Oil exceeded 9%, while Marfin Popular Bank and Folli Follie declined by 8.8%. Piraeus Bank, Jumbo and Viohalco posted losses of 5.24%, 5.09% and 4.59% respectively. ELPE, Titan, Coca Cola 3E and Ellaktor lost 3.46%, 3.06%, 2.74% and 2.21% respectively.
(capital.gr)