Stocks take a tumble at Athinon Ave

The Greek stock market took a tumble yesterday partly due to pressure on bank stocks and also because of the dividend cuts for Motor Oil and Mytilineos shareholders. Concerns about a second wave of the coronavirus in the Northern Hemisphere and downwardly revised global economic forecasts for this year dampened the mood further at Athinon Avenue.

The Athens Exchange (ATHEX) general index ended at 665.01 points, shedding 1.63% from Tuesday’s 676.04 points. The large-cap FTSE 25 index contracted 1.52% to 1,609.61 points.

The banks index dropped 2.68%, as National parted with 4.27%, Alpha fell 3.07%, Piraeus gave up 2.77% and Eurobank eased 1.15%.

Motor Oil dived 5.69%, Ellaktor slumped 5.21%, Mytilineos conceded 4.37%, GEK Terna slid 2.66%, Lamda Development lost 2.11% and Viohalco shrank 2.02%. Sarantis grew 2.20% and Jumbo increased 1.94%

In total 31 stocks posted gains, 62 endured losses and 22 remained unchanged.

Turnover amounted to 49.4 million euros, down from Tuesday’s €50 million.

In Nicosia, the general index of the Cyprus Stock Exchange declined 1.20% to 49.34 points.