The general index of the Athens Stock Exchange (ASE) fell by 5 %, below the 1,400-point threshold, after a global sell-off triggered jitters in the markets.
Greek market analysts described the plunge as imported, following sharp declines in international markets at the end of last week and a particularly negative opening today in Asia, with futures indicating further declines on Wall Street.
A key factor that exacerbated the selling frenzy was Warren Buffett’s Berkshire Hathaway “dumping” its stake in tech giant Apple by nearly 50%, according to Berkshire’s second-quarter earnings report on Saturday.
Greek Bank stocks were particularly impacted posting significant losses. The value of transactions amounts to €28.14 million.
The large-cap index is down by 4.69%, while the mid-cap index dropped by 4.52%. All high-cap stocks are sliding, with the biggest drops recorded by Eurobank (-6.71%), Aegean (-6.79%), Autohellas (-6.41%), and Viohalco (-6.12%).
The negative sentiment in the Athens Stock Exchange is reflected in the fact that no stock thus far is posting any gains, while 92 are moving downward and 9 remain stable.
Analysts suggest the widespread sell-off in recent days is due to serious concerns about the trajectory of the American and European economies, combined with negative results from many listed companies, mainly in the technology sector, whose stocks had climbed to record levels in July on expectations surrounding artificial intelligence.
