ATHEX: War drums send stocks tumbling

The escalation of geopolitical tensions in the Middle East into a regional war predictably sent stock prices tumbling across Europe, including Greece, on Wednesday. The fourth consecutive day of decline for the local bourse came on significantly increased turnover, which highlights that sellers mean business. Very few stocks braved the selloff and resisted the pressure, including Coca-Cola HBC.

The Athens Exchange (ATHEX) general index closed at 1,428.81 points, shedding 1.26% from Tuesday's 1,447.03 points. The large-cap FTSE-25 index contracted 1.49%, ending at 3,457.52 points.

The banks index dropped 1.54%, on Alpha slumping 3.03%, Eurobank sliding 2.32% and Piraeus conceding 1.85%, while National stayed put. Aegean Airlines sank 3.65%, Metlen parted with 3.09%, Ellaktor gave up 3.07% and ElvalHalcor diminished 2.55%, whereas CCHBC advanced 1.38%.

In total...