Investors and Traders! Ready! Go! After more 25 days of being ‘unplugged’, Athens Stock Exchange opened at 10:30 a.m. on Monday, in one of the most critical sessions in the history of the ASE. A mini-crash is expected.
By 10:35 am, the General Index was down by -22.87%.
Starting point of today’s session for the General Index was 797.52 units as of Friday, June 26th 2015, when the ASE was closed due to capital controls and bank holidays imposed on Monday, June 29th.
47.9 billion euros are trapped in the ASE.
Anxiety is at its peak not only in Greece bu also in Europe and other major stock markets. as ASE resuming trading marks the last act of efforts for economy to gain some sort of normality after the opening of the banks last week.
Chaos in Greek stocks and an ‘unavoidable’ mini-crash are expected today with double-digit losses especially in banking sector stocks. However, Greece has to jump in the cold water and face the reality.
Bank shares are ‘locked’ at -30%
According to Capital.gr, “with the logic that whatever has to be done, must be done quickly, authorities are not expected to impose additional restrictions such as lower limits of variation of the shares will be kept at +/- 30%, or at the ASE’s operation time (10:30 am – 5:19 pm). The only exception is the decision of ASE to automatically stop trading of shares that go beyond the limit of 30% and auctions will be launched to determine the price of shares (AMEM)”.
Short-selling has been forbidden.
As of 11:15 am the General Index is at 626,69 units and losses at -21.42%
Investors, traders and fund managers must take tough decisions on management and restructuring of portfolios.
PS Good luck, then! It’s just a day, a Monday…
“Puerto Rico not as bad as Greece” because tied to the US in a fiscal unionPaul Krugman said recently (according to The Telegraph). So may be Schäuble, Junker and Cie. will propose a European fiscal union, too, to solve the Greek/Italien/French problems. As for ASE it is a market place for gamblers and speculators hoping for great gains – or great losses. Just do it, but do not complain and lay the blame on your Government!
49.7 billion euro are trapped in the ASE
Is that cash or cyber money ?
Ok, Puerto Rico means rich port.
Here is a propaganda skit with faked subtitles. Even you like you might like this.
Repeat without link to video:
R Davis,
No. Much less trapped than in the bank (possibly not at all trapped) if the shares held are of profitable going concerns or viable businesses.
Especially if things look up for businesses later. Which would you rather own now? Shares of a profitable Greek oil refinery or shipping company, or Greek bank deposit credits? Or, foreign shares?
But, it depends on the particular shares and how good of a price the buyer paid for them and the dividend pay outs. Each company is different.
It is not currency, it is a different kind of paper. A while back money or bank credits were traded for shares of a company. Non bank shares an not an obligation of the banks. That’s the good part.
If I read right only effectively cash or collectable cash (not old bank credits) are allowed for share transactions. It looks like they are trying to herd the cash into the bank though.
If things get really weird you may see stock certificates and commercial paper (notes, bearer bonds) of well thought of companies used as currency.
Now is a good time to run to an accountant and ask the easies way to learn bookkeeping and accounting. Or, just learn it.