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Greek Black Friday: ASE Sinks Under 800 Units

The General Index of Athens Stock Exchange fell bellow 800 units with loss at -3.87%. The ASE landed at 797.95 for the first time since April 1995, forced by the severe pressures triggered by political ineffectiveness against the debt crisis domestically and abroad. Banks losses accumulated at -15% during the week.

Banks suffered heavy pressures, as cumulative losses for week exceeded 15%, while total capitalization of banks amounts below €6.5 billion after Friday’s closure.

Amid negative climate in international stock markets, the Greek market moved sharply downwards on Friday, burdened by the downgrade of Greek banks by Moody’s, while trading volume and turnover increased, compared with previous sessions.

On the board, the General Index ended at 797.95 units, moving into negative territory throughout the trading session, with intraday losses of 4.8%. The Index recorded cumulative losses of 7.75% for week.

Banks, which posted intraday losses of 9.37%, ended at 473.13 units with losses of 8.13%. Cumulative losses reached 15.36% for week.

On the other hand, Alpha Bank, Eurobank and TT posted double-digit losses of 13.33%, 12.15% and 10.68% respectively, while Piraeus Bank and Marfin Popular Bank ended below 9.09% and 8.33% respectively. OPAP and National Bank fell by 7.93% and 7.38% at €7.2 and €2.76 respectively.

MIG recorded losses of 6.9%, while Bank of Cyprus and PPC declined by 3.94% and 3,62% respectively.


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