ATHEX: Kotzias effect sends local stocks lower

The increased turbulence within Greece’s coalition government due to the resignation of Foreign Minister Nikos Kotzias on Wednesday led to a turnaround in the fortunes of the Athens Exchange (ATHEX).

Morning gains gave way to afternoon losses for the majority of stocks, shredding hopes that the benchmark might continue what appeared to be developing into a rising streak. The perceived loss of political stability will likely weigh on stock prices until a date is announced for elections.

The ATHEX general index ended at 637.08 points, shedding 1.18 percent from Tuesday’s 644.66 points. The large-cap FTSE-25 index contracted 1.20 percent to 1,677.20 points.

The banks index decreased 1.74 percent, as Eurobank slumped 2.79 percent, Alpha dropped 1.58 percent, National conceded 1.30 percent and Piraeus gave up 0.85 percent.

Public Power Corporation’s 4.92 percent slide took a heavy toll on the blue chip index, while Grivalia Properties improved 2.55 percent.

In total 24 stocks notched up gains, 54 reported losses and 27 remained unchanged.

Turnover amounted to 32.7 million euros, just up on Tuesday’s 32.2 million.

In Nicosia the Cyprus Stock Exchange general index declined 1.13 percent to close at 66.65 percent.