Home ECONOMY Greek shares plunge as stock exchange reopens

Greek shares plunge as stock exchange reopens

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Athens, Aug 3:

Greek shares plunged on Monday as the Athens Stock Exchange (ASE) reopened after a five-week closure.

stock_exchange sensexThe country’s four main banks – Piraeus Bank, National Bank, Alpha Bank and Eurobank – were all down by around 30 percent, BBC reported.

The ASE plunged to 615.16 points, down 182.36 points since it was shut down on June 26 as the country plunged into an economic crisis.

Meanwhile, data released on Monday showed that Greek manufacturing activity plunged in July to its lowest level on record as a three-week bank shutdown caused new orders to dive and created serious supply problems.

In mid-morning trading the market recovered very slightly, to about 20 percent behind.

Prior to the reopening, traders predicted sharp losses as a result of pent-up trading.

The European Commission expects Greece to go back into recession this year, with the economy contracting by between two percent and four percent.

The Greek economy was in recession for six years until 2014. (IANS)

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