Greek stock market sinks after the announcement of early elections in late January. The market share fell to 11.15 percent in just two hours after the Greek Parliament failed to elect President on today’s vote.
Greek economic newspaper “Imerisia” reports that the stock market managed to reduce damages, cover losses and decrease the drop of the stock shares from 11 to 7 percent, a step that is seen as a gradual acceptance of the situation by investors who actually expect this development of the events during the third round of voting.
Shares of all major banks and companies like Eurobank, Piraeus bank, Greece’s National Bank, the lottery, construction company “Ellaktor”, as well as shares of Thessaloniki port, are dropping.
The worst damage was inflicted in the banking, tourism and insurance sector.
According to “Imerisia”, although it was expected that the stock market will be ready for the political turmoil, the drastic decline indicates that global markets didn’t respond positively to the announcement of early elections. Three weeks ago, when the elections were announced, the Greek stock market had the biggest drop in its history.