Greek stocks plunge after 5-week shut down

GMT 23:47 2015 Monday ,03 August

Arab Today, arab today Greek stocks plunge after 5-week shut down

Greek stock index
Athens - MENA

The main Greek stock index, the Athex ended the day down by 16.23 percent recovering from a 22.87 percent drop minutes after opening, Euronews reported on Monday.

The bourse has been closed for five weeks, shut just before Athens imposed capital controls at the height of the debt crisis.

Bank shares which make up about 20 percent of the index were particularly hard hit. The overall banking index was down to its 30 percent daily limit.

It was the worst daily performance since at least 1985 when modern records began.

Some commentator’s reported there had been thoughts of prohibiting the trading of Banks stocks. The massive sell off was expected as the banks face new stress tests and a further recapitalization process. Traders said they predicted more bank-share losses in the next session.

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