ATHEX: Piraeus drop drags main index down

On the day that 1.2 billion new Piraeus Bank shares started trading on the Greek stock market, following the local lender’s reverse split, the drop that ensued was the main factor in the benchmark’s slump below the 900-point mark. Turnover at Athinon Avenue hit its highest since last May, more than doubling from that of the previous day.

The Athens Exchange (ATHEX) general index closed at 897.01 points, shedding 1.45% from Thursday’s 910.21 points. On a weekly basis it shrank 1.47%.

The large-cap FTSE 25 index contracted 1.19% to close at 2,189.31 points and the banks index fell 3.45%, mainly on Piraeus’ 27.27% nosedive.

National Bank collected 3.20% and Titan Cement earned 2.54%, as Athens Water (EYDAP) parted with 2.92%.

In total 54 stocks posted gains, 51 recorded losses and 23 remained unchanged.

Turnover amounted to 253.5 million euros, up from Thursday’s €95.4 million, with some €135 million concerning the Piraeus Bank stock.

In Nicosia, the general index of the Cyprus Stock Exchange increased 0.08% to close at 64.31 points.