ATHENS: The downward spiral continued on the Greek bourse on Thursday as stocks sank for a seventh session in succession. Foreign portfolios continued to sell bank stocks and other blue chips, given that international concerns over the outcome of the British referendum on European Union membership are heightening with the approach of June 23. The decision of a number of central banks around the world to keep their rates unchanged contributed to the stock drop.
The Athens Exchange (ATHEX) general index closed at 556.48 points, shedding 3.31 percent from Wednesday’s 575.52 points. The large-cap FTSE 25 index contracted 4.24 percent to end at 148.21 points. The local market has seen a total of 7 billion euros wiped off its value during the last seven sessions.
Banks suffered a major drop (down 9.64 percent), with Piraeus giving up 13.13 percent, National shrinking 10.18 percent and Alpha decreasing 9.09 percent. Jumbo (up 1.25 percent) and Titan Cement (1.13 percent) were the only blue chips to buck the downward trend. In total 29 stocks notched up gains, 67 sustained losses and 13 remained unchanged.
Turnover rebounded to 86.4 million euros from Wednesday’s 56.1 million. In Nicosia the general index of the Cyprus Stock Exchange slipped 0.37 percent to close at 68.24 points.
