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Stock Market Slide Continues in Athens

ASE_down_3Indicative of the state of the economy and of investor sentiment, the Greek stock market picked up today where it left off yesterday – that is, experiencing new historic lows as the General Index fell at some point below 440 points, thus reaching back to levels that prevailed in the 1980s when Greece was a backward, peripheral economy with an anti-business mentality, but managed in the end to maintain the critical mark of 450 points.
The wave of liquidations in the banking sector continued unabated, with the banking index experiencing losses at the end of the day of 5.5%, while halfway through trading the losses were over 11%.
Specifically, at some point in today’s trading, Eurobank’s shares were down 15.21%, National Bank’s 13.19%, Alpha Bank’s 8.04% and Piraeus Bank’s 10.10%.
All four banks, with the exception of Eurobank, were able in the end to eliminate today’s losses. Eurobank’s shares experienced additional losses of over 12%.
Huge losses were also experienced by Hellenic Petroleum (5.2%) and Athens Water Supply and Sewage Company (5.5%), but also by the gambling company OPAP (6.78%).
Investors are leaving Greece en masse because of the political uncertainty produced by the Syriza-led government in its handling of the negotiation talks with Greece’s creditors and the chaotic situation of the country due to massive protests, strikes and demonstrations against reforms.
Greece’s creditors have apparently rejected most of the government’s proposals, and it is uncertain when they will return to the negotiating table, hereby adding to concerns that the review process of the bailout program will not be completed any time soon.
However, an EU official downplayed the sharp slide of the Athens Stock Exchange, saying that it is linked to developments in the global economy.

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