05/02/2015 18:31
The Athex stock exchange suffered a serious blow in today's session after last night's unexpected decision by the ECB and this afternoon's statements by the German finance minister.
The ASE general index closed at 819,50 declining by 3,37% with the banking sector index shedding 10%.
During the morning session both the general index and the banking index touched much lower levels as they were down by 9% and 20% respectively.
The ECB decision of not accepting the Greek bonds as collateral took the market by surprise leading to a violent downward correction.
As the effects of the decision were gradually "digested" the market managed to move to higher levels were it pretty much stayed for the rest of the day.
Mr Schauble's statements after his meeting with Mr Varoufakis that Greece must continue to deal with its international creditors as the situation was so far and that there is no possibility of a fresh write off of its debt, did not have any more serious negative impact on share prices as they were already trading at much lower levels.
With the exception of Alpha bank which managed to close down by just 2,1% at €0,374, the other three systemic banks closed substantially lower with ETE closing at €1,14 (-12,3%), EUROB at €0,149 (-9,7%) and TPEIR at €0,642 (-15%).
Bank of Cyprus closed with a small increase in both exchanges at €0,19 while Hellenic bank was down by 2,8% at €0,035.
The CSE general index closed the day at 77,12, 0,25% lower.
The ASE general index closed at 819,50 declining by 3,37% with the banking sector index shedding 10%.
During the morning session both the general index and the banking index touched much lower levels as they were down by 9% and 20% respectively.
The ECB decision of not accepting the Greek bonds as collateral took the market by surprise leading to a violent downward correction.
As the effects of the decision were gradually "digested" the market managed to move to higher levels were it pretty much stayed for the rest of the day.
Mr Schauble's statements after his meeting with Mr Varoufakis that Greece must continue to deal with its international creditors as the situation was so far and that there is no possibility of a fresh write off of its debt, did not have any more serious negative impact on share prices as they were already trading at much lower levels.
With the exception of Alpha bank which managed to close down by just 2,1% at €0,374, the other three systemic banks closed substantially lower with ETE closing at €1,14 (-12,3%), EUROB at €0,149 (-9,7%) and TPEIR at €0,642 (-15%).
Bank of Cyprus closed with a small increase in both exchanges at €0,19 while Hellenic bank was down by 2,8% at €0,035.
The CSE general index closed the day at 77,12, 0,25% lower.
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