August was a disastrous month for the Athens Stock Exchange (ASE) as the market lost 10.726 billion euros from its capitalization, while the composite index of the market plunged 23.9 pct. The banking sector was the weak link of the market, with the relative index losing 33.5 pct in the month, falling to levels seen in January 1993.
However, August recorded the highest daily percentage gain in ASE’s history, with the composite index of the market jumping 14.37 pct on August 29, boosted by news of a merger deal between Eurobank and Alpha Bank, Greece's second and third largest banks respectively.
The index ended the month at 915.98 points, down 23.9 pct from the previous month, for a net loss of 35.22 pct so far this year. ASE’s capitalization is down 16.778 billion euros in the January-August period. The Big Cap index fell 26.6 pct in August, while the Mid Cap index dropped 22.02 pct and the Small Cap index fell 22.6 pct.