Greek stocks remained under heavy selling pressure for the third successive session in the Athens Stock Exchange on Wednesday, hit by a negative climate prevailing in the domestic bond market. Greece ’s Athex Composite index slumped 9.24% to 711.13 points building on a 3.7% loss from Tuesday and a 3.2% slide on Monday. Greek banks smashed ahead on fears that Tsipras’ anti-austerity party Syriza, will clash with the nation’s creditors over its €240bln bailout. Since Monday, banks have lost more than 43%. Framework will be changed so that the state can control in full the banking system, while managements shall be changed. OLP and Public Power Corporation suffered significant losses too as the new government has declared its opposition to their privatizations. Only FFGRP +1.54%, GRIV +1.23, KANAK +0.54 ended on a positive territory. Yields in the domestic bonds deteriorate furthermore. The 3-year yield reached 17%, the 5-year one at 13.44 % and the 10-year at 10.38%. Transaction activity was strong reaching 200 million euro.
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