ATHEX: Bank stocks drop 8 percent for a third day

The banks index of the Greek bourse recorded losses of approximately 8 percent for the third session in a row on Wednesday, showing institutional investors’ displeasure with Sunday’s election result and the new SYRIZA-Independent Greeks government. The turmoil at Volkswagen is also continuing to affect international markets, with the repercussions felt in Athens too.

The Athens Exchange (ATHEX) general index closed at 668.54 points, shedding 1.32 percent from Tuesday’s 677.47 points. The large-cap FTSE 25 index contracted 1.48 percent to end at 195.48 points.

Banks lost 7.98 percent, taking their decline since Sunday’s election to almost 23 percent. The extension of the deadline for the publication of banks’ first-half results until the end of October has not helped, as many people fear nasty surprises. On Wednesday Piraeus Bank fell 10.68 percent, Alpha declined 10.56 percent and Eurobank gave up 8.82 percent.

Coca-Cola HBC was the top performer with growth of 2.35 percent.

In total 32 stocks recorded gains, 48 suffered losses and 11 remained unchanged.

Turnover amounted to 30.6 million euros, down from Tuesday’s 33.7 million