The Greek benchmark index experienced its largest decline since 1987, concerning investor's apprehension regarding elections, while European stocks continued to drop.
The Stoxx Europe 600 dipped 2.3% to 340.48 at trading's close, marking its biggest two-day decline in over seven weeks. A surge in energy and construction businesses hindered European shares on Monday.
In a phone interview with Bloomberg News, Frankfurt-Trust Investment GmbH Fund Manager Raimund Saxinger described, "Markets have been looking for a trigger to take profits," and added, "There is uncertainty, and if Greece is forced into new elections there is the risk that radical leftist parties will win a relative majority. This could have lots of negative implications for creditors and for banks."
Greece's ASE Index fell 13%, as the Hellenic government confirmed that a new presidential election will start next week. NBG has dipped 20% while Piraeus Bank SA has fallen 16%.
- Tourism premiere: What will happen this year with American tourists and the role of TUI
- ‘All you want is Greece’ this year’s tourism slogan for closely watched 2021 season
- More than eight-fold coverage for the new Greek 5-year bond
- Factors of flight and repatriation: The example of Greek Brain Drainers living in the United Kingdom
- WTCC: Greece is a global example of safe opening of tourism