Greek stocks iso­lated from rest of Europe

Kathimerini English - - Front Page -

The plunge in Greek eq­ui­ties that erased $10 bil­lion in mar­ket value last week is stir­ring up lit­tle con­cern among Euro­pean in­vestors. The coun­try’s eq­ui­ties have tum­bled 15 per­cent since the Athens Stock Ex­change re­opened last Mon­day, with banks hov­er­ing near record lows. In con­trast, the Stoxx Europe 600 In­dex rose 0.9 per­cent, buoyed by what JPMor­gan Chase Co said is the best earn­ings sea­son in at least six years. “Greek mar­kets are get­ting more and more iso­lated from the rest of Europe,” said Ben Ku­mar, a fund man­ager who helps over­see about $14 bil­lion at Seven In­vest­ment Man­age­ment in Lon­don. “They are re­ally tiny now. With earn­ings sea­son in full swing, Euro­pean stock in­vestors have other things to con­sider, and Greece is a whole sep­a­rate story.” While con­cern that Greece’s debt cri­sis could de­rail the re­gion’s re­cov­ery and break the euro dragged Euro­pean shares down in re­cent months, calm has re­turned to the Stoxx 600 as in­vestors fo­cus on earn­ings re­ports. A mea­sure of volatil­ity, which spiked to a three-year high in June, fell 43 per­cent through last week.

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