ATHEX: Local index slumps below 1,400-pt mark

The index rebalancing, the constant rally of stocks in recent weeks, the decline of Piraeus Bank (the protagonist of the past week) and the reservations investors showed in foreign markets contributed to a day of major losses at the Greek stock market on Monday, which brought the benchmark below the 1,400-point mark on unusually high turnover.

The Athens Exchange (ATHEX) general index closed at 1,391.26 points, shedding 2.51% from Friday’s 1,427.02 points. The large-cap FTSE-25 index contracted 2.68%, ending at 3,365.62 points.

The banks index declined 2.28%, as Eurobank gave up 3.56%, Alpha fell 2.36%, National parted with 1.57% and Piraeus shrank 1.36%.

Motor Oil sank 5.04%, Ellaktor slumped 4.21%, Viohalco dropped 4.17%, ElvalHalcor conceded 4.04%, Mytilineos slid 4.02% and Public Power Corporation lost 3.34%.

In total 13 stocks secured gains, 94 endured losses and 16 remained unchanged.

Turnover amounted to 290.6 million euros, up from last Friday’s €122.8 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.83% to close at 146.12 points.