ATHEX: Stock decline speeds up on local bourse

The stock decline accelerated on Tuesday at the Greek bourse, on reduced turnover too, with some observers noting that hedge funds that only focus on emerging markets may be in the process of departing from Athinon Avenue, and not that the local stock market is returning to the bracket of developed bourses. The rest of the week has some significant first-half financial reports by listed companies that could partly shape the picture.

The Athens Exchange (ATHEX) general index closed at 1,227.78 points, shedding 1.91% from Monday’s 1,251.66 points. The large-cap FTSE-25 index contracted 2.08% to end at 2,988.03 points.

The banks index sank 3.35%, as National slumped 5.28%, Alpha conceded 4.79%, Piraeus dropped 2.84% and Eurobank parted with 0.87%. Aegean Airlines gave up 5.75% and Viohalco was down 4%, but Coca-Cola HBC grew 0.80%.

In total 11 stocks registered gains, 90 took losses and 15 remained unchanged.

Turnover was the lowest of the last nine sessions, amounting to 87 million euros, down from Monday’s €106.2 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.04% to close at 132.14 points.