ATHEX: Stocks index slumps to 3-month low

Greek stocks accelerated their decline on Tuesday, with the amassed sale orders from Monday’s holiday sending the benchmark of Athinon Avenue tumbling amid global fears of a new cycle of recession. The main index slumped to a three-month low, with banks heading the move south, as the international concerns have combined with possible geopolitical unrest in the Eastern Mediterranean and rumors about a general election this fall, which the government refutes.

The Athens Exchange (ATHEX) general index closed at 822.84 points, shedding 4.60% from Friday’s 862.55 points. The large-cap FTSE-25 index contracted 4.69%, ending at 1,981.17 points.

The banks index fell 6.34%, as National nosedived 7.15%, Piraeus sank 6.80%, Alpha lost 5.94% and Eurobank shrank 5.88%. Mytilineos gave up 7.40%, OTE telecom parted with 6.98% and Quest Holdings declined 6.25%.

In total eight stocks enjoyed gains, 102 sustained losses and 14 remained unchanged.

Turnover amounted to 115.3 million euros, up from last Friday’s €82.7 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.68% to close at 70.45 points.