Greek stocks nosedive 10.54%, hit by global fears, elections uncertainty

Greek stocks nosedived 10.54 pct by close of trade on Monday, with investors spooked by the losses in global markets, the slowdown in China and growing uncertainty over Greece’s snap elections. The composite index sunk below 600 points to its lowest level since 25 June 2012, while the banking sector was especially hard hit and total capitalisation of Greece’s four systemic banks ended at just 3.123 billion euros.

The composite index of the market closed at 568.38 points, off the day’s lows of 562.87 points. The index ended with a net loss of 31.20 pct so far this year, while the market’s total capitalisation fell by 4.126 billion euros compared to Friday. Turnover was a very thin 39.047 million euros. The Large Cap index fell 12.77 pct and the Mid Cap index ended 7.12 pct lower.

All blue chip stocks suffered losses, with the heaviest losses recorded for Piraeus Bank (26.53 pct), National Bank of Greece (23.67 pct), Alpha Bank (21.74 pct), Eurobank (19.05 pct), PPC (17.91 pct), OTE (17.28 pct), Folli Follie (16.67 pct) and Ellaktor (16.15 pct). All market sectors moved lower, with the biggest losses for Banks (22.67 pct), Telecoms (17.28 pct), Commerce (16.57 pct), Health (14.40 pct) and Construction (12.49 pct).

Broadly,decliners led advancers by 92 to 12 with another 11 issues unchanged. Dromeas (27.43 pct), Kathimerini (20.00 pct) and ANEK (18.88 pct) were top gainers, while Piraeus Bank (26.53 pct), J&P Avax (25.64 pct), NBG (23.67) and Attica Bank (23.08 pct) were top losers.