Log in
A+ A A-

Athens Stock Exchange back to 1989 levels

The Athens Stock Exchange has returned back to 1989 levels amid uncertainty over completion of the first review of the Greek economic adjustment programme, intense social reactions to proposed reforms in the pension and tax systems and scenarios over political developments in the country.

Despite the fact that Greece has safeguarded a third bailout programme and has completed the recapitalization of its banks, for the third time the Greek stock market failed to play the recovery scenario.
At the same time, a negative international environment and a sharp fall in international capital markets also have a negative impact on the domestic market, with European markets falling to 16-month lows.
The Greek market broke the strong support level of 470 points, which had reached in the period between May 6 and July 17, 2012 at the height of the Grexit scenario.
The composite index of the market was down 26.47 pct at Monday's closing so far this year, while the blue chip index FTSE-25, the bank index and bank shares fell to new historic-low levels. Investors seemed to liquidate their positions in Greek bank shares, even at a loss, soon after completion of a bank recapitalization exercise. The bank index is down 59.37 pct so far this year (Monday's closing), while the capitalization of the four systemic banks has collapsed below 5.0 billion euros, losing 6.7 billion in 2016.
Other blue chip stocks also record huge losses so far in 2016, with Viohalco down 29.38 pct, Hellenic Exchanges losing 28.87 pct, PPC down 27.84 pct, OPAP down 27.16 pct, Piraeus Port (-22.55 pct) and Folli Follie (-21.97 pct). Aegean Airlines (-0.59 pct), Grivalia Properties (-3.53 pct), Jumbo (-3.61 pct) and METKA (-7.38 pct) record the lowest percentage losses.