Negotiations fatigue sees stocks decline

The market?s fatigue with Athens?s inability to conclude an agreement with the country?s creditors and the growing prospect of a referendum that government officials are pointing to resulted in fresh losses during Monday?s bourse session as investors expected nothing concrete from the Eurogroup meeting in Brussels.

The Athens Exchange (ATHEX) general index closed at 817.92 points, shedding 2.51 percent from Friday?s 838.95 points. The large-cap FTSE/ATHEX 25 index contracted 2.83 percent to close at 244.29 points.

The threat of a further credit rating downgrade by Moody?s and statements by German officials about a snap default for Greece have also aggravated the climate among traders, with the credit sector faring the worst. The banks index suffered a 6.71 percent decline, with Piraeus losing 11.11 percent and Eurobank dropping 10 percent.

Ellaktor gave up 7.65 percent, Viohalco fell 7.42 percent and EYDAP contracted 7.23 percent, while Grivalia Properties expanded 4.61 percent.

In total 33 stocks registered gains, 69 recorded losses and 15 remained unchanged.

Turnover amounted to 71.6 million euros, up from last Friday?s 70.4 million.