ATHEX: Systemic risk sends bank stocks tumbling

International concerns over the credit system will no go away easily, and the  reacted with fear over the course of Deutsche Bank on Friday inflicting losses on almost all bank stocks in the eurozone. The Greek bourse was no exception, with the banks index suffering a major drop and the benchmark losing almost 3% in one day.

The Athens Exchange (ATHEX) General Index closed at 1,021.16 points, shedding 2.97% from Thursday’s 1,052.43 points. Even so, on a weekly basis it improved 0.10%.

The large-cap FTSE-25 index contracted 3.44% to end up at 2,464.63 points.
The banks index dropped 5.78%, with Alpha falling 6.03%, National losing 5.97%, Eurobank conceded 5.71% and Piraeus gave up 5.17%.

In total 17 stocks posted gains, 84 suffered losses and 26 remained unchanged.

Turnover amounted to 92.8 million euros, up from Thursday’s €65.8 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 3.64% to close at 104.71 points.