Selloff in banks pushed the general index to early-April 2017 levels

A selloff in bank shares hit the Athens Stock Exchange on Wednesday and pushed the general index of the market to early-April 2017 levels. A warning by Goldman Sachs over the limited capability of the banking sector to deal with any (domestic or external, economic or political) shock hit market sentiment. The bank index fell to its lowest level since February 2016, losing 42.22 pct so far this year.

The general index ended at 666.84 points, down 2.10 pct, off the day’s lows of 653.14 points. The Large Cap index fell 2.04 pct and the Mid Cap index ended 2.04 pct lower. Turnover was a huge 101.323 million euros in volume of 75,417,080 shares.

GEK Terna (3.87 pct), Titan (2.40 pct) and Mytilineos (1.66 pct) scored big gains among blue chip stocks, while Piraeus Bank (20.70 pct), Eurobank (14.69 pct) and PPC (6.67 pct) suffered heavy losses. Among market sectors, Construction (2.27 pct) and Industrial Products (0.69 pct) scored gains, while Banks (8.78 pct) and Personal Products (3.53 pct) suffered losses.

Eurobank and Alpha Bank were the most heavily traded securities of the day. Broadly, decliners led advancers by 69 to 36 with another 26 issues unchanged. Forthnet (20 pct), Kiriakoulis (19.80 pct) and Progressive (16.44 pct) were top gainers, while Piraeus Bank (20.73 pct), Eurobank (14.69 pct) and Attica Bank (13.46 pct) were top losers.