Athens Stock Exchange Keeps Downward Trend, closes at 889 units

Posted by in Economy

Athens Stock Exchange had another bad day, as it found itself in the stranglehold of sellers. However after some fluctuaction it managed to save its prestige and limit its losses of -1.77% and remained under any dignity level at 889,17 units. 

On the board, the General Index ended with losses of 0.42% at 889.17 points, with intraday losses of 1.77% at 877.18. Approximately 35.46 million units worth €68.14 million traded on Thursday, while a total amount of 84 shares declined, 57 rose and 139 remained unchanged.

The ASe was dragged down due to new losses of the Greek banks. They  fell by 4.117% at 551.67 units, closes to session low (-4.29%), despite the promising opening (+1.65%).

Analysts explain the downward trend of the ASE with investors’ uncertainty about the outcome of the procedure for the rollover of Greek debt, worsening of liquidity conditions throughout the domestic economic activity, deep recession and FinMin’s warnings on larger deterioration of downturn.

August has been devastating for Athen sStock Exchange that suffered losses of 26% in 17 sessions and reaching lows same as 15 years ago.

Market analysts comment that ASE pays the price of fear that investors experience that Greece hardly remains close to the budget targets it has committed to achieve, while the international context is not favourable at all.

Moreover, the domestic market cannot foresee a turning point, which would “promise” a substantial economic recovery to support corporate figures and fiscal targets.

Here is a nice diagramm about the ASE losses from Sept 2010  to Aug 2011 as set by Bloomberg – the diagramm was sent by a KTG-Reader

See full list of Greek Banks Stock on Aug 25/2011 in capital.gr