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Greek Banks Post Heavy Losses
Greek banks ended at session low in a meeting with very thin turnover.
The Greek market moved in negative territory throughout the trading session, as cautiousness reigned ahead of the Eurogroup meeting scheduled for Monday.
The interest focused on the draft budget, especially on the new tax measures and forecasts for the magnitude of the recession and the final figures of state deficit and debt.
Market analysts commented that the main concern relates to government’s ability to achieve its objectives as recession persists, causing fears that next disbursement of aid instalments would be equally agonizing as the sixth one.
Analysts also note that the greatest concern focuses on the possibility of an even larger haircut on Greek government bonds held by private investors and consider that Greek banking sector would remain under pressure until the developments clear the air.
On the board, the General Index ended at 779.29 units with losses of 2.4%, while intraday losses reached 3.12%.
On Monday, approximately 21.33 million units of total value €31.4 million traded, with a total amount of 85 shares falling, 36 rising and 156 remaining unchanged.
Banks posted plunged by 6.95% at 436.58 units. Eurobank, Alpha Bank, Marfin Popular Bank and Proton Bank suffered the heaviest pressures, with losses exceeding 8%.
Ellaktor topped FTSE20 with profits of 4.11%, while only Folli Follie and Jumbo followed in positive territory, gaining 0.31% and 0.26% respectively. Viohalco remained unchanged at €3.35. National Bank declined by 7.27%, while Hellenic Postbank and Piraeus Bank lost over 6%.
OPAP and Bank of Cyprus recorded losses of 5% and 4.27% respectively, while Titan, Mytileneos and ELPE moved lower by 2.38%, 2.12% and 1.36% respectively. OTE (-0.63%), Motor Oil (-0.17%) and Coca Cola 3E (-0.15) posted minor losses.
(capital.gr)
Greek banks ended at session low in a meeting with very thin turnover.
The Greek market moved in negative territory throughout the trading session, as cautiousness reigned ahead of the Eurogroup meeting scheduled for Monday.
The interest focused on the draft budget, especially on the new tax measures and forecasts for the magnitude of the recession and the final figures of state deficit and debt.
Market analysts commented that the main concern relates to government’s ability to achieve its objectives as recession persists, causing fears that next disbursement of aid instalments would be equally agonizing as the sixth one.
Analysts also note that the greatest concern focuses on the possibility of an even larger haircut on Greek government bonds held by private investors and consider that Greek banking sector would remain under pressure until the developments clear the air.
On the board, the General Index ended at 779.29 units with losses of 2.4%, while intraday losses reached 3.12%.
On Monday, approximately 21.33 million units of total value €31.4 million traded, with a total amount of 85 shares falling, 36 rising and 156 remaining unchanged.
Banks posted plunged by 6.95% at 436.58 units. Eurobank, Alpha Bank, Marfin Popular Bank and Proton Bank suffered the heaviest pressures, with losses exceeding 8%.
Ellaktor topped FTSE20 with profits of 4.11%, while only Folli Follie and Jumbo followed in positive territory, gaining 0.31% and 0.26% respectively. Viohalco remained unchanged at €3.35. National Bank declined by 7.27%, while Hellenic Postbank and Piraeus Bank lost over 6%.
OPAP and Bank of Cyprus recorded losses of 5% and 4.27% respectively, while Titan, Mytileneos and ELPE moved lower by 2.38%, 2.12% and 1.36% respectively. OTE (-0.63%), Motor Oil (-0.17%) and Coca Cola 3E (-0.15) posted minor losses.
(capital.gr)
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