Market reopens but Athex downward


Athens: After a five-week closure share market opened in Greece , but the main Athens stock index, the Athex, has fallen by 22.87%. The nation's top four lenders – Piraeus Bank, National Bank, Alpha Bank, and Eurobank – were biggest fallers, all down by 30%, the maximum allowed. Banks make up about a fifth of the index. The bourse was shut just before Athens imposed capital controls at the height of the debt crisis. Traders had predicted sharp losses as a result of pent-up trading. The Athex recovered slightly in morning trading, but was still down more than 18% in midday trading.

Meanwhile, data released on Monday showed that Greek manufacturing activity plunged in July to its lowest level on record as a three-week bank shutdown caused new orders to dive and created serious supply problems. Markit's purchasing managers' index (PMI) for manufacturing, which accounts for about a tenth of the economy, fell to 30.2 points, the lowest reading since records began in 1999. A measure of 50 denotes growth.
Market reopen at 07:30 GMT, the Athex had plunged to 615.16 points, down by 182.36 points from the 26 June close.