Bank stocks are caught in the sec­tor’s Euro storm

Kathimerini English - - Front Page -

A tough week has started for Euro­pean banks and the sec­tor’s Greek stocks suf­fered losses of over 5 per­cent as a re­sult, drag­ging the rest of the bourse down too. Trad­ing vol­ume stayed par­tic­u­larly thin, rais­ing ques­tions about how low the turnover may go in Au­gust.

The Athens Ex­change (ATHEX) gen­eral in­dex closed at 564.75 points, shed­ding 1.19 per­cent from Fri­day’s 571.57 points. The large­cap FTSE 25 in­dex con­tracted 1.24 per­cent to end at 1,524.76 points.

The banks in­dex de­clined 5.16 per­cent, with Eurobank down 7.46 per­cent, Pi­raeus fall­ing 7.45 per­cent, Na­tional giv­ing up 5.15 per­cent and Alpha drop­ping 3.33 per­cent. OTE tele­com and Vio­halco out­per­formed, ad­vanc­ing 4.53 per­cent and 3.97 per­cent re­spec­tively. Pub­lic Power Cor­po­ra­tion de­creased 2.86 per­cent.

In to­tal 34 stocks posted gains, 44 en­dured losses and 21 ended un­changed.

Turnover amounted to 28.1 mil­lion eu­ros, up from last Fri­day’s 27.3 mil­lion.

In Ni­cosia the gen­eral in­dex of the Cyprus Stock Ex­change shrank 0.81 per­cent to close at 66.44 points.

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