Traders at Athinon Avenue reacted with surprise to the largely predictable announcement of the general election on May 21, swinging the main index of the Greek stock market to losses that exceeded 1% by the end of Tuesday’s session. The second reading of the day’s decline is that the market has in this way sent a message of concern about the likely political instability the polls will bring about due to the electoral system of proportional representation in this case.
The Athens Exchange (ATHEX) general index closed at 1,023.44 points, shedding 1.19% from Monday’s 1,035.72 points. The large-cap FTSE-25 index contracted 1.08% to end at 2,476.09 points.
The banks index lost 1.43%, as Alpha sank 3.30%, Piraeus shrank 2.56% and National dropped 1.13%, while Eurobank increased 0.29%. Public Power Corporation declined 2.73%, but Sarantis expanded 1.99%.
In total 20 stocks posted gains, 71 registered losses and 23 remained unchanged.
Turnover amounted to 71.5 million euros, up from last Monday’s €48 million.
In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.40% to close at 105.42 points.
Source: ekathimerini