Greek stock exchange CEO expects a bounce tomorrow

Author: Ryan Littlestone | Category: News

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

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