Benchmark takes a dive as bank stock prices tumble

The Greek bourse sustained quite a plunge on Tuesday, hit hard by the bearish mood that dominated most European markets, as local banks nose-dived 6.20 percent.

The Athens Exchange (ATHEX) general index closed at 1,193.30 points, dropping 3.98 percent from Monday’s 1,242.82 points. The blue chip FTSE/ATHEX 25 contracted 4.27 percent, closing at 384.86 points.

The course of local banks’ stock prices has recently been at odds with the favorable picture of the sector painted by international reports. Greek lenders have been affected by concerns spreading across Europe regarding the outcome of the upcoming stress tests too.

All but one blue chip declined, with Alpha falling 7.74 percent and Piraeus shedding 6.98 percent. Terna Energy added 0.51 percent.

In total 24 stocks secured gains, 113 took losses and 13 stayed put. Turnover amounted to 134.5 million euros, up from Monday’s 56.3 million.