ATHEX: Bank stocks nosedive to four-month low

Banks stocks in Athens dipped on Tuesday to levels unseen since last February, as the sector continues to take a beating across Europe, over fears of share capital increase requirements, which would also reflect on the domestic credit system through investment fund withdrawals. The European stress test results, concerning 51 lenders, are expected on July 29.

The Athens Exchange (ATHEX) general index closed at 527.16 points, shedding 2.34 percent from Monday’s 539.81 points. The large-cap FTSE 25 index contracted 3.39 percent to end at 1,385.67 points.

Banks dropped 9.72 percent, with Piraeus down 12.75 percent, Eurobank losing 12.33 percent and National falling 10.53 percent. Alpha gave up 6.85 percent. Aegean Air added 2.01 percent and Grivalia Properties advanced 1.29 percent.

In total 33 stocks posted gains, 54 sustained losses and 16 stayed put.

Turnover amounted to 45.6 million euros, up from Monday’s 40.8 million.

In Nicosia the general index of the Cyprus Stock Exchange declined 0.78 percent to close at 65.30 points.