Greek stocks ended significantly lower on Monday

Greek stocks ended significantly lower in the Athens Stock Exchange on Monday, with the banking sector at the epicenter of selling activity on market concern over economic developments in the country. The composite index dropped 1.89 pct to end at 638.92 points, off the day’s lows of 638.82 points. The Large Cap index fell 1.91 pct and the Mid Cap index fell 1.36 pct. Turnover was a thin 34.9 million euros in volume of 54.2 million shares.

Motor Oil (0.86 pct), Jumbo (0.59 pct) and Grivalia Properties (0.51 pct) scored the biggest percentage gains among blue chip stocks, while Piraeus Bank (6.25 pct), Eurobank (5.12 pct), Alpha Bank (4.55 pct), Viohalco (3.80 pct) and Titan (3.50 pct) suffered the heaviest losses.

Among market sectors, Banks (4.53 pct) and Construction (2.94 pct) suffered losses while only the Oil/Gas sector scored gains (0.05 pct). Piraeus Bank and National Bank were the most heavily traded securities of the day. Broadly, decliners led advancers by 68 to 44 with another 144 issues unchanged. Minerva (29.89 pct), Space (10 pct) and Motodynamics (9.69 pct) were top gainers, while Reds (8.03 pct), Piraeus Bank (6.25 pct) and Ilyda (5.98 pct) were top losers.

Greek bond market closing report

The yield spread between the 10-year Greek and German benchmark bonds widened in the domestic electronic secondary bond market to 6.75 pct on Tuesday, from 6.67 pct on Monday, with the Greek bond yielding 7.20 pct (7.12 pct the previous day) and the German Bund yielding 0.45 pct. Turnover was a thin 2.0 million euros.

In interbank markets, interest rates were largely unchanged. The 12-month rate was -0.108 pct, the nine-month rate rose to -0.168 pct from -0.169 pct, the six-month rate rose to -0.241 pct from -0.242 pct, the three-month rate was -0.33 pct and the one-month rate was -0.372 pct.