Greek stocks spiraled downwards in one of the biggest single-day losses in the Athens Stock Exchange on Friday. The Greek market was gripped by the frenzy of the global turmoil caused by a UK Brexit vote that marks the country’s departure from the European Union.
It was the lowest level that the Greek market had dropped to in the last four months. The hardest hit were bank shares as Greek bond yields soared with the 10-year bond yielding more than 9 percent. Market capitalization dropped by 5.5 billion euros in one day. It was the third largest daily fall for the Greek market since 1987.
All sectors ended lower, led by Banks (29.68 percent), Financial Services (17.73 percent) and Commerce (13.84 percent).
The General Price Index closed at 534.78 units, marking a 13.42 percent drop.