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Greek Stock Exchange Crashes at 28-Year Low, Closing at -16.23%

ASE_down_4The Athens Stock Exchange crashed at a 28-year low, closing at -16.23 percent on Monday.
The Greek stock market had been closed for five weeks, after the Greek government imposed capital controls on June 28. But the re-opening of the Athens Stock Exchange was marked by plummeting stocks with figures reminding the sky-dive of almost three decades ago.
In the morning, stocks reached a historical low of 22.88 percent at 615.08. Bank shares reached new lows at -30 percent, showing that the Greek banking sector will need significant time to recover.
At closing things picked up a little and losses were curbed, ending the day at 668.06 units and -16.23 percent.
Banking shares, which make up about 20 percent of the Greece index, suffered a major blow. National Bank of Greece, the country’s largest commercial bank, dropped 30 percent.
Analysts say the drop was expected, but not to that extent.

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