The National Bank of Greece — the country’s largest commercial bank — also showed massive losses down to the daily limit of 30 percent, while the remainder fared no better.
“The situation in Greek equity markets will have to get a lot worse before it gets better,” Pictet Asset Management’s chief strategist Luca Paolini told Bloomberg News. “There are still critical risks to be resolved.”
The Greek government closed the stock market and banks on June 29 to prevent a economic and banking collapse.
Banks reopened last week, but the stock markets remained closed until Monday, making this the longest halt in trading since the 1970s.
Despite the opening of the bourse, bank withdrawals are still limited, which meansGreek traders will only be able to buy with new money such as:
- Funds transferred from abroad.
- Cash-only deposits.
- Money earned from the future sale of shares.
- Capital gained from existing investment account balances held at Greek brokerages.
This leaves an opportunity for foreign traders, with trading publications hinting that the record low stock prices could mean a potential opportunity for future gains.
As traders dumped shares, the Greek government continued to negotiate with creditors over reforms required under the terms of a bailout of up to €86 billion euros.