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Athens Stock Exchange Sends S.O.S. as Banks Suffer -20% in a Week
Posted by keeptalkinggreece in Economy
Athens Stock Exchange continue to fall after the immense pressures on the local banks that suffered losses of – %. The National Bank declined below €3, reaching €2.92 with losses of 2.99%. The Banks Index is at 539.35 units with losses of 2.23%, while only Bank of Cyprus in green (+0.87%). During the trading session, the shares of Alpha Bank, Eurobank and Piraeus Bank came under great pressure suffering loses of even 10% at occasion. During the whole week Greek Banks lost 20%.
Hellenic Postbank fell by 4.42%, while Eurobank, Alpha and Piraeus Bank declined by 3.8%, 3.7% and 3.33% respectively wrote capital.gr earlier on Friday. At the closing NBG was at €2.78, Piraeus at €0.56, ALFA €1.90 ATE €0.55, EUROBANK €1.73 MARFIN €0.29 Hellenic PostBank €1.05
The same economic news portal claims that it were the rumors that two Greek banks had already activated the mechanism to raise liquidity ELA that sucked the share sin the banking sector.
On Friday the ASE General Index closed at 880.08 units and loses of -1.02%, reaching a new historical low.
Under the pressure of downward trend the ASE members asked governmental intervention to halt the ASE obsolescence. In a letter to Finance Minister Evangelos Venizelos, the president of the Athens Stock Exchange Members Association, Alexandros Moraitakis, wrote among others:
“Investors’ confidence in the economy is reflected in the value of securities on stock markets. But in Greece the stock prices have been continuously collapsing in the last month even in companies of the non-banking sector that have no connection with the public debt and a potential ‘haircut’. It should be stressed that Greek banks have much more intrinsic value than current valuations, with precious assets in Greece and abroad, and the possibility of direct appeal to the 30 billion euro from the FSF.Nobody in charge intervenes, not even the administrators of the government’s choices. The Government’s efforts and sacrifices of the Greek people will be futile if the stock obsolescence does not stop immediately”. (source: newsit)
Some market analysts speak of a “new generation of investors trapped in the ASE after the July 21st decision.” At that time Athens Stock Exchange was standing at 1.000 units.
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