The Greek stock exchange opened after a five-week hiatus on Monday and, as expected, the results weren’t pretty.
Banking stocks were the worst-hit in Athens with several stocks hitting their maximum daily declines, called a “limit down.”
Despite the heavy selling, the reopening of the index was seen as positive for the debt-stricken country as it continues to negotiate with international creditors on its third bailout.
The Athens blue-chip index lost 23 percent at the open on Monday morning. However, it has since clawed back some of those losses and was down around 16 percent before Friday’s open from the level it closed at on June 26.
Attica Bank has lost over half of its value and is down 53 percent. The National Bank of Greece is down 52 percent and Alpha Bank has had 61 percent wiped off its share price despite paring some losses on Thursday.