Investor concern about a shift in local politics that may increase the election risk for the government, due to the railway tragedy at Tempe, led on Monday to the biggest daily decline in seven months for the main index at Athinon Avenue. Led by banks, Greek stocks lost a significant portion of their recent gains, as the impact of the train crash does not appear to be going away anytime soon. The strong turnover on the day shows this was not a blip.
The Athens Exchange (ATHEX) General Index closed at 1,082.10 points, shedding 2.92% from Friday’s 1,114.66 points. The large-cap FTSE-25 index contracted 2.97% to end up at 2,646.87 points.
The banks index dropped 4.27%, as Piraeus fell 6.63%, Alpha parted with 5.90%, Eurobank gave up 3.40% and National eased 2.43%. Titan Cement conceded 5.32% and PPC lost 5.16%, while Ellaktor added 1.90%.
In total just four stocks registered gains, 102 endured losses and 21 remained unchanged.
Turnover amounted to 154.4 million euros, up from last Friday’s €95.2 million.
In Nicosia, the general index of the Cyprus Stock Exchange decreased 1.27% to close at 109.53 points.
