Greek stocks badly hit by global fears
The Athens Stock Exchange followed global bearish trends and dropped nearly 3% Friday. Weak US economic results announced Thursday and Friday created a sense of panic among investors that inevitably spread to the ATHEX.
The general index closed at 1,430.90 points, down 2.95%, near intraday lows. Turnover was €124.23 million.
Blue chips dropped 3.16% and mid-caps 3.09%, while banks declined 4% after being down as much as 4.5% intraday. Banks’ better-than-expected first-half results were not enough to fend off downward pressure.
Geopolitical tensions and weak employment and manufacturing macro-indicators in the US drove the decline, said Beta Securities analyst Manos Hatzidakis. As usual, he said, the Greek market priced in global risk at some delay, but emphatically so, he added.
The continuing decline of markets has brought the Volatility Index (VIX) compiled by the Chicago Board Options Exchange to levels above 29, last seen in October 2023. This time, Hatzidakis said, volatility is coupled with higher gold prices, reflecting slowing economic activity.
