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Roundup: Athens stock market reopens with heavy losses

Xinhua, August 4, 2015 Adjust font size:

The Athens Stock Exchange (ASE) re-opened on Monday after a five-week shutdown with heavy losses and restrictions for Greek investors as capital controls remain in place.

The ASE General Index declined by 129.46 points, or 16.23 percent, and closed at 668.06 points, recording the biggest loss in the stock market's history.

The composite index fell 22.81 percent immediately after the opening of the session, with the bank sector dropping by 30 percent, taking the hardest hit.

According to a ministerial decision, Greek investors could not draw funds from existing bank accounts to purchase shares, but could use existing holdings of cash.

The ASE has been shut since June 29, after Greek Prime Minister Alexis Tsipras announced that the country would hold a referendum on July 5 on the debt deal proposed by international lenders.

The Greek government closed banks and the stock exchange and imposed strict limits on withdrawals and foreign transfers as part of efforts to stave off the banking sector's collapse.

Following the July 13 debt agreement with creditors and as the two sides seek to finalize the third Greek bailout by Aug. 20, the government tries to restore normality in the market.

According to local analysts, the first days of the ASE will be a crucial test for the market in order to record the damage done to the real economy over the past two months. Endit