The Athens Stock Exchange recorded a new drop (-1.96%) on Tuesday, losing all its gains following the elections of May 21, and returned to the levels of May 19 and 1,168 points. At the same time, the capitalization fell below 80 billion euros as in the two sessions of October it lost a total of 2.7 billion euros.
In other words, the market has lost all the gains that came after the first elections which supported the upward momentum of the market as the difference of twenty points ensured absolute majority in the next elections in June. The upward trend peaked on July 25 with the general index climbing to 1,345.95 points, levels recorded on April 2, 2014 with a record capitalization of 90.705 billion euros.
The general index is now down more than 13% from July’s 9-year highs, while the banking index has lost 20.56% from its own highs.
Analysts are rather concerned over the next moves of the market focusing on the general turmoil and the time that the Hellenic Financial Stability Fund (HFSF) has decided to implement its disinvestment program.
The picture is also bad in international markets, which in September lost up to 5.5% while they are also moving downwards in the first sessions of October.