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Greece's stock plunge in first week of market reopen
希臘股市重開股價暴跌
Greece's stock market re-opened last Monday, after a five-week closure. The Greek stock exchange reopened and the results were really bad as expected. Banking stocks were the worst-hit in Athens with several stocks hitting their maximum daily declines, called a "limit down."
The main Athens index lost 16.2 percent on Monday, the worst fall on record, as investors reacted to continuing questions about a new bailout from the European Union and to Greece's worsening economy.
All four major Greek banking stocks were down more than 29 percent in early Tuesday trade, effectively their daily limit for losses.
Despite the heavy selling, the reopening of the index was seen as positive for the debt-stricken country as it continues to negotiate with international creditors on its third bailout.
Five days of turbulences after a five-week shutdown. Greek stock market nose dived, but the fact that it is open creates a sense of normality in the debt laden country that will probably face another election process during autumn.
Greece's battered banking stocks staged a strong rebound on Thursday, bouncing back after a three-day rout that wiped 63 percent from their market value, while on Friday the main Athens index ended positive 1.45%.
Greece's banks need to be recapitalized after a flight of euros from deposits for most of this year and mounting bad loans. But that will hurt existing shareholders, when it comes, by diluting the value of their holdings.
Athens and its international lenders share the view that banks must complete their recapitalization by the end of this year and avoid a haircut on large depositors, Greece's finance minister said on Wednesday.
