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The stock-exchange ended its first day of trading in five weeks 16 per cent lower, after dropping
nearly 2-3 per cent after it reopened for the first time in five weeks.
Greek banking stocks were the worst hit with Attica Bank, Leader Bank and Eurobank Ergasius,
Bank of Piraeus and also the National Bank of Greece were around 30-percent lower or all trading at
- the daily volatility limit. Similar losses were found in other stocks not in the financial market too.
The stock market finished Monday unofficially 16.2 percent lower, according to a Reuters statement.
There is further bad news for the Greek market earlier, with expensive manufacturing PMI figures
for July down to 30.2 the lowest reading since Markit started producing datain 1999.
To create matters worse, an economic sentiment index for Greece reach its lowest level since Oct
2012 in July with funds controls and political uncertainty weighing on sentiment, according to the
IOBE think tank that conducted the study.
Ahead of the much-anticipated open, dealers were bracing themselves for a day of "losses and
unpredictability."
Greek dealers told Reuters on Saturday when the stock market opened, that they anticipated a torrid
day of losses. Takis Zamanis, chief trader at Beta Investments, informed the news agency that "the
possibility of seeing even just one discuss rise in tomorrow's treatment is practically no."
The chairperson of the Hellenic Capital Markets Commission told CNBC before the available that his
commission might monitor the marketplace closely on Friday.
"It's essential that we are beginning, of program we expect pressure on the Greek stock market but
we are going to be present to track what happens."
He stated there could be no condition intervention to the marketplace, saying: "We're looking to
view when it's going to stabilize, at which costs, and exactly what the perception of the Greek
market is from domestic and overseas investors."
Concentrate for the evening is likely to be on the losses among Greek financial shares, which
represent around 20 per cent of the main Athens catalog. Restrictions have already been set in place
to stem capital flight.
Craig Erlam, senior industry expert at currency trading platform OANDA, said the banking had been
"hit greatly from the events of this year and today have to be recapitalized at at the least."
The rules
Neighborhood investors will face restrictions that represent the continuing funds controls on Greek
banks that limit distributions to 60 euros a day. This implies that national investors funds they need
to give or may just purchase shares with funds that was fresh from abroad, Reuters reported last
week. They can also buy shares with funds staying with their security businesses or funds via
protection sales or dividends.