ATHEX: ECΒ inflicts new losses on stocks

Greek stock prices dropped and bond yields jumped upon hearing the news on Thursday of the European Central Bank decision to end net bond purchases and its intention to hike its key rates more than 25 basis points in the next quarter, in view of increased projections on inflation. Pressure predictably focused on bank stocks, though turnover lagged that of Wednesday.

The Athens Exchange (ATHEX) general index closed at 886.64 points, shedding 0.80% from Wednesday’s 893.82 points. The large-cap FTSE-25 index contracted 1.01%, ending at 2,140.66 points.

The banks index slumped 2.15%, with Alpha parting with 2.83%, Eurobank sinking 2.28%, Piraeus giving up 1.90% and National falling 1.41%. Other losers included ElvalHalcor (down 2.29%), Public Power Corporation (2.08%) and Sarantis (1.76%), while Quest Holdings advanced 3.10% and EYDAP collected 1.66%.

In total 32 stocks obtained gains, 68 registered losses, and 16 remained unchanged.

Turnover amounted to 58.8 million euros, down from Wednesday’s €62 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.08% to close at 71.84 points.