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Greek Shares Tumble as Market Reopens

Greek Shares Tumble as Market Reopens

08/03/2015

Greece's main stock index lost close to a fifth of its value on Monday as it reopened for the first time in more than five weeks.

The Athex Composite slumped close to 23% in the first few minutes before recovering slightly to trade around 20% lower on the day, according to FactSet data. The index was last open June 26.

Frances Hudson, a strategist at Standard Life Investments, said the fall may be an overreaction but it showed that "things are going to be very tough for Greece" despite a fresh deal with its international creditors.

Some stocks were suspended, FactSet showed, but all constituents that were trading were down at least 5%. Lenders National Bank of Greece SA, Piraeus Bank SA, Eurobank Ergasias SA and Alpha Bank AE were among the biggest fallers.

Greek banks had been closed along with the Athex after Greek Prime Minister Alexis Tsipras said the country would hold a referendum on whether to accept terms that its international creditors were offering in return for fresh financial aid.

Greek voters rejected those terms, raising fresh doubts about the country's future in the eurozone.

Later in July, the government eventually reached a compromise with creditors, accepting some tough conditions, and the banks reopened with restrictions on July 20.

Over the last 12 months, and taking Monday's sharp losses into account, the Athex Composite has declined around 45% in value, making it one of the worst-performing stock indexes globally.

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