Athens Stock Exchange (ASE) General Index closed at 910.50 points on Friday with a 5.38% drop, or 51.81 points lower than the previous closing, while turnover was 101 million euros.
The drop is estimated due to the climate created after the Eurogroup, where Greece ’s next day after exiting its EU/IMF bailout program is being tabled. European and Greek officials’ statements regarding the possibility of a precautionary credit line seem to worry investors who also reacted negatively because of the ongoing speculation regarding February’s Presidential vote that might lead to early elections and political instability.
According to Bloomberg, the Eurozone indicated to Greece that it should remain under tight control before exiting its bailout program, underlining the political risks Prime Minister Antonis Samaras is facing, at a time that he wants to avoid early elections. Analysts estimate that the Eurogroup’s result does not guarantee prospects of political stability for the country.
In addition, the 10-year Greek benchmark bond was increased by 0.2% since Thursday, reaching 8%.
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