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2011 Annus Horribilis for ASE: Losses at -52%, €28 billion Vanished in the Air

 Austerity- and Bailout-Year 2011 was the Annus Horribilis for the Athens Stock Exchange. It suffered annual losses of -52%, while €28 billion vanished in the air. The worth of the trading companies and enterprises went down at 50%. The shares of chemical producer Alapis suffered losses of -99%. Greek Banks experienced a nightmare with annual losses at -78.99%. The shares of National Bank of Greece trade at €1.62 – less than a Greek souvlaki that ‘trades’ at €2.20 with pitta bread, 3 meat cubes, 2 tomatoes, and lots of onions…

The General Index is down at 680 points.

The General Index of Athens Stock Exchange ended at session high at the last meeting of the year, which cost about €28 billion in terms of capitalization.

Thus, the Greek market enters 2012 at 680 units, after annual losses of 51.88% for the General Index and 78.99% for Greek banks. FTSE20 index lost 60.05%.

It should be noted that only in January and October did the General Index post a positive sign (12.69% and 1.27% respectively), while the worst months were August (-23.93%) and November (-15.63%).

The way in which the debt crisis evolved hit the Greek market, which leaves behind the second worst year in the last 20 years in terms of losses) and enters a critical year for the country’s economy.

The overall fiscal situation in Greece remains the main source of uncertainty, along with government failures in budget execution, new measures and other issues such as banks’ capital needs due to the Greek debt write-down program.

Absolute lack of visibility, high country risk and broader systemic risk of crisis contagion are expected to haunt the Greek market during the first months of 2012.

On the board, the General Index ended with profits of 1.97% at 680.42 units, moving in green throughout the trading session.
Banks, which posted intraday profits of 4.09%, ended at 262.86 units, up 1.08%. The index recorded losses of 10.15% for month, despite gains of 16.73% during the last 8 meetings.

Approximately 18.38 million units of total value €19.39 million traded on Friday, while a total amount of 105 shares rose, 59 declined and 111 remained unchanged.

OTE topped FTSE20 with profits of 8.27%, while Eurobank, PPC and Mytilineos gained 4.97% and 4.33% respectively. Alpha Bank, Piraeus Bank and Titan rose by 3.86%, 2.85% and 2.66%, while Folli Follie and Coca-Cola 3E posted profits of 1.98% and 1.92% respectively. (

On the other hand, Viohalco and Hellenic Postbank fell by2.89% and 0.25% respectively

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One comment

  1. It wouldn’t have had to come this way. Here is a summary of a minority opinion on the Greek crisis. Minority opinion in the sense that it does not consider the private sector participation in the debt crisis as a mistake and it does not consider the non-issue of Eurobonds so far as a mistake.