statements about a possible exit of the country from the single currency area.
Since Friday’s closure, the climate in the Greek market had already deteriorated after a German magazine Der Spiegel report, which triggered a new round of speculation and resulted in a further decline of Greek indices to new lows.
The rating action by Standard & Poor’s has piled up the pressure, forcing the General Index to record intraday losses of 2.36%, at 1,337.80 units, while banks had been falling by 4.20%.
At these levels, the market showed a mood to absorb the supply, mainly in bank shares, and along with the instant leap of Coca Cola 3E, helped the General Index to trim losses.
However, this reaction didn’t prevent another negative closure, with the General Index recording cumulative losses of 5.91% during the last six sessions. Banks’ losses for the same period amount to 10.23%.
"The S&P downgrade, coming on top of recent rumours about Greece leaving the eurozone, have crushed the market," a local trader told Dow Jones Newswires. "The market is at really, tragically low levels. We haven΄t seen these kinds of levels in a decade. Basically the market has priced in a default", he added.
The domestic market will now seek new levels of support, but this course is expected to be rather “adventurous” as long as the market remains prey to rumours and the news flow doesn’t improve.
Across the board, the General Index ended at 1,349.91 units, with losses of 1.47%. Approximately 30.27 million units worth €110.23 million were traded on Monday, while a total amount of 123 shares declined, 132 remained unchanged and 26 rose.
Banking index ended at 959.75 units, down 2.79%, with all of its shares in negative territory. FTSE20 closed at 600.91 units, down 2.17%.
Coca-Cola 3E stood out with profits of 3.90%, while Mytilineos and Hellenic Petroleum gained 1.39% and 1.16% respectively. Hellenic Telecoms fell by 5.14%, while Ellaktor and National Bank declined by 4.76% and 4.07% respectively.
CAPITAL
