ATHEX: Nervousness sends bank chips south

The banks index at the Athens Exchange sank 12.73 percent to a 26-day low on Tuesday as prolonged uncertainty over the 2-billion-euro bailout tranche continued and concerns over whether banks will manage to obtain the necessary amount of private funds heightened. CCHBC, Motor Oil and OTE helped contain the benchmark’s losses.

The ATHEX general index closed at 672.19 points, shedding 1.65 percent from Monday’s 683.49 points. The large-cap FTSE 25 index contracted 1.32 percent, ending at 201.18 points. Small-caps advanced 0.55 percent.

The Greek government’s one-week deadline to implement the necessary prior actions has set nerves rattling, especially as far as the bank recapitalization project is concerned. Eurobank slumped 19.35 percent, Piraeus Bank lost 18.87 percent, Alpha Bank declined 16.83 percent and National gave up 8.24 percent. Coca-Cola HBC rose 1.39 percent, Motor Oil gained 1.21 percent and OTE telecom climbed 1.12 percent.

In total 27 stocks registered gains, 64 sustained losses and 16 remained unchanged.

Turnover amounted to 41.4 million euros, up from Monday’s 29.4 million.