Stocks drop for fourth week in a row

The stock market faced a selling wave among heightened concern about the Chinese economy and fears that interest rates will stay high in both Europe and the US for some time.

The ASE general index ended 1.57% lower to 1,263.34 on turnover of €85.66 million. It was the fourth consecutive weekly drop (1.83%), while banks fell 3.02%.

Blue chips dropped 1.39%, mid-caps 2.06% and banks 2.01%.

Only three blue chips posted gains: Terna Energy (1.12%), OTE (0.84%) and Jumbo (0.22%)

Alpha Bank, Piraeus Bank, Aegrean Airlines and cement maker Titan sustained losses higher than 3%, while metals group Viohalco, power company PPC, construction group Ellactor, IT firm Quest, consumer products company Sarantis and metal group ElvalHalcor dropped over 2%.