Greek shares plunge as market reopens
04 August 2015, Nirapad News: The main Athens stock index, the Athex, has fallen by 22.87% as trading resumes after a five-week closure.
The nation’s top four lenders – Piraeus Bank, National Bank, Alpha Bank, and Eurobank – were biggest fallers, all down by 30%, the maximum allowed. Banks make up about a fifth of the index.
The bourse was shut just before Athens imposed capital controls at the height of the debt crisis.
Traders had predicted sharp losses as a result of pent-up trading.
The Athex recovered slightly in morning trading, but was still down more than 18% in midday trading.
In accordance with conditions laid down by the government and the European Central Bank, local investors are not allowed to buy shares with money from their bank accounts, only with cash kept in safe deposit boxes or at home.
Meanwhile, data released on Monday showed that Greek manufacturing activity plunged in July to its lowest level on record as a three-week bank shutdown caused new orders to dive and created serious supply problems, reports the BBC.