Stocks plunge to lowest levels since June 1993

Stocks plunged to their lowest levels since June 1993 at the Athens Stock Exchange on Tuesday, hit by a wave of selling in bank shares amid worries of a larger-than-expected 'haircut' of Greek debt, combined with concerns over developments in the domestic banking sector.

    The Bank index plunged 13.18 pct to end at its lowest level since early 1990. The composite index of the market fell 1.97 pct to end at 725.45 points, while turnover remained a low 51.873 million euros.

    The Big Cap index fell 3.92 pct, the Mid Cap index ended 1.63 pct lower and the Small Cap index fell 2.13 pct. MIG (16.18 pct), Titan (6.42 pct), Mytilineos (3.33 pct) and OTE (1.61 pct) were top gainers among blue chip stocks, while Hellenic Postbank (28.02 pct), Eurobank (20 pct), Piraeus Bank (19.26 pct), Alpha Bank (19.42 pct) and National Bank (15.79 pct) were top losers.

    The Financial Services (10.53 pct), Construction (4.79 pct) and Raw Materials (2.22 pct) scored gains, while the Bank (13.18 pct), Insurance (6.82 pct) and Technology (5.88 pct) sectors suffered the heaviest percentage losses of the day.

    Broadly, decliners led advancers by 97 to 52 with another 20 issues unchanged. Audiovisual (30 pct), Mohlos (16.22 pct) and MIG (16.18 pct) were top gainers, while Xylemporia (29.86 pct), TBank (28.57 pct) and Hellenic Postbank (28.02 pct) were top losers.

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