Straus-Kahn’ arrest piled on the uncertainty, causing concern about possible complications in the negotiations between the troika and the Greek government and the release of the next instalment of the aid loan to Greece.
Despite assurances that everything will roll as planned, Bank of America Merrill Lynch stated that the head of IMF Dominique Straus-Kahn was about to meet German Chancellor Angela Merkel and then attend another meeting in Brussels before being arrested, adding that the European crisis was on the agenda at a time when the nervous markets are seeking for direction.
BoA ML noted that although John Lipsky takes temporary charge of the IMF, a disruption to the fund’s operation is inevitable along with a credibility problem that arises because of this incident.
Banks’ losses have reached almost 10% for the month, while the General Index has retreated by 6.9% and FTSE20 by 8.4% during the same period. On Monday, the banking index recorded a 14-year low, at 967.13 units. The General Index moves lower than March 1997 levels, while FTSE20 ended below 600 units for the first time since January 13, 1997.
Across the board, the General Index ended at 1,330.28 units, with losses of 1.91%, moving in negative territory throughout the trading session. Intraday losses reached 2.57%.
Approximately, 21.81 million units worth €61.04 million were traded on Monday, while a total amount of 103 shares declined, 147 remained unchanged and 31 rose.
Banks fell by 2.83% at 967.13 with intraday losses of 3.76%. ATEbank, Proton Bank and Attica Bank bore the heaviest pressures, dropping sharply by 7.27%, 6.67% and 4.76% respectively. Marfin Popular Bank fell by 3.95% at €.73, while Bank of Cyprus and Eurobank lost about 3.9%.
Titan and Coca-Cola 3E topped FTSE20, gaining 1.74% and 1.44% respectively. Only PPC followed in positive territory at €10.38. On the contrary, OPAP fell by 8.55%, while Ellaktor moved down by 6.79%. MIG, Mytilineos and Motor Oil declined by 3.17%, 2.12% and 1.96% respectively.
capital
