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Economy

Putin’s Invasion of Ukraine Rocks Greek Stock Exchange Hard

February 25, 2022

ATHENS – As did markets around the world, the Athens Exchange took a big hit after Russia’s invasion of Ukraine, falling to its lowest level in two years just as hopes were rising for a faster recovery from the COVID-19 pandemic.

The general index on Feb. 24 closed at 888.31 points, losing 6.42 percent from the previous day and the major companies listed fell 6.63 percent, feeling the shock too.
The financial waves of President Vladimir Putin’s invasion reverberated around the world, jacked up already sky-high energy costs – with gasoline and oil prices spiking – and sent investors looking for safer havens.

The benchmark at the Greek exchange lost more than 60 points and the market’s capitalization hit was some 4 billion euros ($4.47 billion) in a huge contraction overnight.

The worst hit were banks, which fell 8.88 percent, topped by Eurobank falling 10.8 percent, Piraeus Bank some 10.53 percent, Alpha Bank dropping 7.41 percent and National Bank of Greece 7.36 percent.

Some 102 stocks took losses, six remained unchanged, and only one, the electronic goods chain Nakas, posted an increase, by 1.82 percent. Turnover was 162.3 million euros ($181.37 million) said Kathimerini.

 

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