Stocks get pummeled, drop 6.27%
Developing panic in international markets over the weakness of the US economy and the sense that the Federal Reserve is delaying a rate cut, compounded by fears of a wider Middle East conflict, could not leave Greek stocks unaffected.
The shallowness of the market amplified global trends, wiping €6.4 billion off the value of the Athens market Monday and bringing it back to January levels.
The Athens Stock Exchange general index crashed 6.27% to close at 1,341.23 points, while turnover shot up to €235.1 million.
Blue chips dropped 6.53% and mid-caps 6.26%. The bank sub-index dove 7.56%.
The narrative of the ATHEX topping 1,500 points now appears canceled and analysts are fretting about what’s in store for Tuesday’s session.
Piraeus Bank and construction group Ellaktor led the blue chip decline, losing over 9%.
“The market will provide investors with opportunities to re-enter profitably, but who knows when,” said analyst Petros Steriotis. “But, for the time being, we share the market motto ‘Don’t try to catch a falling knife,’” he added.
