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Athens Stock Exchange Sunk Due to Uncertainty

The General Index of Athens Stock Exchange lost 7% on Monday. The banking index dropped the most, while PPC, Alpha Bank, Eurobank and OTE lost more than 14%.
Yet again, traders are focusing on Spain after newspaper Expansion reports that Moody΄s Investors Service plans to announce a massive downgrade of Spanish bank ratings later Monday.
The downgrade of the government debt rating of Cyprus to junk status by Fitch weighs heavily on sentiment.
Also, market commentators are warning that the EU summit, which is scheduled to start Thursday, will likely be disheartening.
On the dashboard, the General Index closed down 6.84% at 566.79 points, moving throughout the course of trading in negative territory and recorded a consecutive intraday low.
On Monday the trading volume reached 37.74 million units worth 41 million euros, while 28 shares rose, 94 declined and 153 remained unchanged.
The banking index dropped 14.63% to 211.72 points. From its composition, Hellenic Postbank declined 20.32% at 0.3530 euros, Piraeus closed at 0.2370 euros, down 12.55%.
(source: Capital)

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