Greek stocks plunge, banks hammered, after five-week crisis shut down


News For The Blind

http://www.reuters.com/article/2015/08/03/us-eurozone-greece-stockmarket-idUSKCN0Q807720150803

Greece’s stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears that the country was about to be dumped from the euro zone.

Bank shares plummeted 30 percent before loss limits kicked in to stop investors selling any more. The main Athens stock index .ATG ended down 16.2 percent, recovering slightly after plunging nearly 23 percent at the open.

It was the worst daily performance since at least 1985 when modern records began, including a 15 percent fall when Wall Street crashed in 1987.

By contrast, the broad European FTSEurofirst 300 index was in positive territory for the day.FTEU3 [.EU]

“The market tanked, as expected,” said Takis Zamanis, chief trader at Athens-based Beta Securities.

Banking shares, which make up about 20 percent of the Greece index, were particularly hard hit. The overall banking index .FTATBNK was down to its 30 percent daily…

View original post 634 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s