Greek stocks suffer biggest daily fall since Dec 1987
Greek stocks suffered the biggest daily decline since 1987 on Monday as the Athens Stock Exchange reopened after remaining closed for five weeks, following the imposition of capital controls in the country.
The composite index of the market dropped 16.23 pct to end at 668.06 points, to its lowest levels since early September 2012, while the market’s capitalization fell by 8.4 billion euros. It was the biggest daily decline of the index since the “Black Monday” of December 7 1987 when the index had dropped 15.03 pct on one day.
ASE president, Socrates Lazaridis, in comments made to Bloomberg said Monday’s sharp fall of share prices was expected and said that the marked needed to find some balance after absorbing developments of the past five weeks.
The index fell as much as 615.22 points during the session, falling as much as 22.88 pct. Bank shares remained locked in the day’s limit down of 30 pct, while pending sale orders for the four systemic banks surpassed 500 million shares. The Large Cap index fell 16.37 pct and the Mid Cap index fell 16.03 pct.
Turnover was a thin 67.66 million euros.
All sectors ended lower with Banks (-29.92 pct), Health (-28.48 pct), Financial Services (-24.62 pct) and Utilities (-19.42 pct). Broadly, decliners led advancers by 90 to 9 with another three issues unchanged. Dromeas (28.95 pct), G.E.Demetriou (20 pct), Attica Publications (9.98 pct), Elastron (9.79 pct), Kordellou Bros (4.76 pct), Euroconsultants (2.78 pct), Kanakis (2.16 pct), Heracles (1.67 pct) and Galaxidi (0.18 pct) scored gains, while National Bank (-30 pct), Piraeus Bank (-30 pct), Attica Bank (-30 pct), J&P Avax (-30 pct) and Ellaktor (-29.95 pct) suffered the heaviest percentage losses of the day.
