Greek bank shares fell sharply on Wednesday, leading the broader Greek equities market lower, with traders citing jitters over the European Central Bank’s region-wide stress test and weakness in other European markets.
“There are worries banks may need additional capital after the ECB’s stress test in November and there is also nervousness because of resurging geopolitical tension and weak European bourses,” said Theodore Krintas, head of wealth management at
Greece’s top four banks, which have already been through two rounds of recapitalisation, will be part of the ECB’s stress region-wide health check later this year.
“The steep drop is hitting stop losses in relatively thin trading volume but I think the selling pressure is overdone,” said fund manager Costantine Morianos, head of AssetWise asset management.
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