ATHEX: Bank chips go south as other stocks rise

The majority of local stocks registered gains on Wednesday but bank chips headed south for another day, sustaining fresh losses as the completion of their share capital increases looms and it looks more than likely that the prices of the new shares will be far lower than those of the existing ones.

The Athens Exchange (ATHEX) general index closed at 671.82 points, adding 2.12 percent to Tuesday’s 657.88 points.

The large-cap FTSE 25 index expanded 2.37 percent to end the session at 200.79 points, though small-caps declined 0.52 percent.

The banks index contracted 5.13 percent on Wednesday, with Piraeus Bank falling 19.44 percent, Eurobank losing 12.5 percent, Alpha Bank dropping 4.69 percent and National giving up 1.06 percent.

Folli Follie and Motor Oil outperformed, posting increases of 6.67 percent and 6.06 percent respectively.

Public Power Corporation advanced 4.85 percent.

In total 59 stocks showed gains, 37 took losses and 17 closed unchanged.

Turnover amounted to 46.3 million euros, down from Tuesday’s 54 million.