Greek bank shares plummet as Athens Stock Exchange re-opensComments Off on Greek bank shares plummet as Athens Stock Exchange re-opens
National Bank, Piraeus Bank, Eurobank and Alpha Bank watched their shares decimated within minutes of the stock exchange opening at 8.30am today.
The banks were the hardest hit on the Athens Stock Exchange, although other companies also fell by around 30%, including consumer-goods firm Fourlis and Opap, which runs the state lottery. The entire market fell 23%.
It comes as a ban on short selling remains in place, although some analysts suggest the falls could tempt investors to buy shares on the cheap.
The months of uncertainty continue to hit Greece’s manufacturing sector, with a PMI snapshot of the sector showing output at its lowest-ever level of 30.2 points.
A healthy economy should be scoring 50 or above.
The Greek government is currently negotiating a third bailout for the debt-laden country with the European Union and the International Monetary Fund.