ASE CEO Socrates Lazaridis has some upbeat thoughts as stocks plummet
Shares on the reopened Athens exchange fell over 20% this morning as the inevitable rush to sell the kitchen sink kicked in
According to Bloomberg's pricing there were trades right at the very top (797) of where things closed back in June. I'm not sure what traded there but if anyone hit into a short they're laughing now
Lazaridis has been speaking to Bloomberg TV and he says the fall is logical given that stocks have been closed for 5 weeks. He adds;
- Greek investors can repatriate money for trading
- Restrictions will last for about a month
- Doesn't expect any companies to delist at this moment
- 60-65% of investors are foreign
- Expects some shares to bounce tomorrow
One of the restrictions imposed on locals is that they will only be able to buy shares with existing cash holdings and cannot draw on their Greek bank accounts
Greek stocks: BTFD or GTFO?
There's a good chance that stocks stage a rebound over the next few sessions as the panic selling dries up
