A deteriorating climate in the Italian bond market negatively affected Greek state bonds, pushing prices lower and bond yields higher on Monday. The yield spread between the 10-year Greek and German benchmark bonds widened sharply to 4.31 pct from 3.97 pct on Friday, with the Greek bond yielding 4.66 pct (4.52 pct last week) and the German Bund yielding 0.53 pct. Turnover was 19 million euros of which 2.0 million were buy orders.
In interbank markets, interest rates were largely unchanged. The 12-month rate was -0.158 pct, the nine-month rate was -0.208 pct, the six-month rate was -0.267 pct, the three-month rate was -0.318 pct and the one-month rate was -0.371 pct.
Greek stocks came under renewed heavy selling pressure amid a worsening climate in the domestic bond market where the 10-year bond yield surged to four-year highs. Bank shares were at the focus of selling activity.
The general index of the market dropped 2.61 pct to end at 641.79 points, its lowest closing since March 2017, off the day’s lows of 640.59 points. The Large Cap index fell 2.80 pct and the Mid Cap index ended 2.56 pct lower. Turnover was 53.616 million euros in volume of 33,517,552 shares.
Athens Water (1.17 pct), Sarantis (0.28 pct) and Grivalia Properties (0.13 pct) scored big gains among blue chip stocks, while Eurobank (11.58 pct), Piraeus Bank (10.95 pct), Viohalco (5.02 pct), National Bank (4.76 pct), Motor Oil (3.80 pct) and Alpha Bank (3.17 pct) suffered heavy losses. All market sectors ended lower led by Banks (6.45 pct), Commerce (3.05 pct) and Oil (3.03 pct).
Eurobank and Alpha Bank were the most heavily traded securities of the day. Broadly, decliners led advancers by 78 to 20 with another 30 issues unchanged. CPI (23.24 pct), Forthnet (14.58 pct) and Viokarpet (8.82 pct) were top gainers, while Eurobank (11.58 pct), Piraeus Bank (10.95 pct) and Epilektos (7.89 pct) were top losers.