Greek stock market crashing

Value of bank shares have evaporated in one week

The Greek Stock market is on the verge of collapse, as the General Index dropped below the psychological 600-point threshold to 593.05 points. Heavy sell-offs continued with bank shares coming under immense pressure as losses ranged from 15-28% in a single week.

The domino of negative developments began with investor withdrawals from the MSCI Index due to three banks being struck off. However, as it turned out today, the decline was even higher even for stocks remaining in the MSCI Index, such as Alpha Bank’s share which lost more than 8% and about 200 million euros from its capitalisation.

Uncertainty coupled with the absence of strong buyers and simultaneous shorting make the climate extremely dark, while the uncertainty of the non performing loans in the Greek banks has left investors away.

The National Bank of Greece dropped 4.11% to 1,007 and 3.7 million. Eurobank recorded a 5.97% drop to € 0.447. Piraeus Bank dropped 3.09% to € 0.94 and € 1.7 million.