“Black Monday” in Athens Stock Exchange: sell-off with -7.8%, General Index below 500

Black Monday in Athens Stock Exchange with a massive sell-off. Monday’s session closed with losses 7.98% and the General Index at 464.23 units. .Shares in the banking sector plummet 24.26%.

Eurobank -29.20%

National Bank -28.06%

Piraeus Bank -27.21%

Alpha Bank -17.65%

source

The majority of Greek media blame the political instability as well as scenarios for early elections, the economic instability due to delays in the Greek Adjustment Program Review and the discrepancy between Greece and the creditors over the Pensions Reform.

Last time ASE’s GI was at 471 units in June 2012

However, cooler observers see the ASE sell-off in the context of a broader storm that hits the European Stock Markets amid concerns about the crude oil and the slowdown of the Chinese economy.

PS Happy Chinese New Year 2016 – The Year of the Monkey