ATHEX: Bank stocks are caught in the sector’s Euro storm

A tough week has started for European banks and the sector’s Greek stocks suffered losses of over 5 percent as a result, dragging the rest of the bourse down too. Trading volume stayed particularly thin, raising questions about how low the turnover may go in August.

The Athens Exchange (ATHEX) general index closed at 564.75 points, shedding 1.19 percent from Friday’s 571.57 points. The large-cap FTSE 25 index contracted 1.24 percent to end at 1,524.76 points.

The banks index declined 5.16 percent, with Eurobank down 7.46 percent, Piraeus falling 7.45 percent, National giving up 5.15 percent and Alpha dropping 3.33 percent. OTE telecom and Viohalco outperformed, advancing 4.53 percent and 3.97 percent respectively. Public Power Corporation decreased 2.86 percent.

In total 34 stocks posted gains, 44 endured losses and 21 ended unchanged.

Turnover amounted to 28.1 million euros, up from last Friday’s 27.3 million.

In Nicosia the general index of the Cyprus Stock Exchange shrank 0.81 percent to close at 66.44 points.