(MENAFN- Khaleej Times)Greek traders said on Sunday they expected a torrid day of losses when the Athens stock market opens after being shuttered for five weeks as part of attempts to stop Greece's financial collapse.
A combination of pent-up trading worries about the future and Greece's worsening economy could knock 20 per cent or more off the Athens General Index on Monday they said. Trading of Greek assets in the United States over the period the bourse has been closed suggests the same. "The possibility of seeing even a single share rise in [today's] session is almost zero" said Takis Zamanis chief trader at Beta Securities. The stock market is due to open today morning for the first time since June 26 just before capital controls were imposed to stem a flight of euros. This was the result of the failure of Greece and its European Union and International Monetary Fund creditors to agree a new cash-for-reforms deal.Since then a deal has been reached but its implementation may prove hard and political in-fighting in Athens over the bailout rules could prompt a new election. "There is a lot of uncertainty about the government's ability to sign the... bailout on time and for possible snap elections" Zamanis said. Greece's economy has also begun to reverse the gains it was making before Prime Minister Alexis Tsipras was elected on a strong anti-austerity platform. - Reuters
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