THE main Athens stock index, the Athex, ended the day down by 16.23 per cent as trading resumed after a five-week closure.
The nation’s top four lenders — Piraeus Bank, National Bank, Alpha Bank and Eurobank — fell the most, all down 30 per cent, the maximum allowed. Banks make up about a fifth of the index.
The bourse was shut just before Athens imposed capital controls at the height of the debt crisis.
It had fallen behind by 22.87 per cent just minutes after opening for trade.
The Athex recovered slightly in morning trading, but was still down more than 18 per cent in midday trading.
In accordance with conditions laid down by the government and the European Central Bank, local investors are not allowed to buy shares with money from their bank accounts, only with cash kept in safe deposit boxes or at home.
Meanwhile, data released on Monday showed that Greek manufacturing activity plunged in July to its lowest level on record as a three-week bank shutdown caused new orders to dive and created serious supply problems.
Markit’s purchasing managers’ index (PMI) for manufacturing, which accounts for about a tenth of the economy, fell to 30.2 points, the lowest reading since records began in 1999. A measure of 50 denotes growth.
Although Greece struck a bailout deal with its creditors last month, political in-fighting in Athens over the conditions could still result in Prime Minister Alexis Tsipras calling an early election.
The Greek economy has begun to reverse the gains it was making before Mr Tsipras’s Syriza-led coalition took power in January on an anti-austerity platform.
The European Commission expects Greece to go back into recession this year, with the economy contracting by between 2 per cent and 4 per cent.
The Greek economy was in recession for six years until 2014.
