[InTime News]
The Athens Stock Exchange’s general index plunged 4.83% on Friday, swept up in a wave of global market turbulence sparked by China’s decision to impose retaliatory tariffs of 34 percent on US goods.
The move intensified fears of a deepening trade war with potentially severe consequences for the global economy.
Trading volume at the Athens bourse soared, reaching €415.8 million euros, with over 92.3 million shares changing hands – underscoring investor anxiety.
Banks were at the epicenter of the international sell-off, and the Greek market, also heavily weighted toward financials, was hit particularly hard.
The Athens bourse’s banking index tumbled 7.15%, led by Eurobank, which dropped 7.77%. It was followed by Piraeus Bank (-7.41%), Alpha Bank (-6.99%), and the National Bank of Greece (-6.43%).
For the week, the ASE general index fell 7.96%, reflecting growing investor unease over the global outlook.
“The likelihood of a significant economic slowdown is rising sharply, to the point where a recession could be on the table, especially if trade talks aimed at reaching a compromise face prolonged delays,” Depolas Investment Services announced.