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Hold on to your hats , Greek Stock Market reopens tomorrow

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posted on Aug, 2 2015 @ 01:47 PM
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Forecasters are saying 20% could be wiped off the Greek index as investors move out of banking shares , as is normally the way with estimates the estimate is likely on the conservative side and bigger percentage numbers may be seen.

Traders said they expect sharp losses as a result of pent-up trading and fears about Greece's worsening economy.
Takis Zamanis, chief trader at Beta Securities, is among the pessimists.
"The possibility of seeing even a single share rise in tomorrow's session is almost zero," he said.
"There is a lot of uncertainty about the government's ability to sign the... bailout on time and for possible snap elections."


A report in Avgi newspaper, which is close to the government of Prime Minister Alexis Tsipras, suggested Athens was asking for about 10 billion euros (£7bn) this month for bank recapitalisation.
Banks account for about a fifth of the main Athens index. National Bank of Greece's US-listed stock has fallen about 20% while the Athens exchange has been closed.
One asset manager at a Greek fund said: "The focus will be in the bank shares - they will suffer more because their investors have to face a dilution from the [expected] recapitalisation of the sector."
Greek banks will not be make a profit this year and are suffering from an increase in bad loans due to the crisis, the manager said.
"It would be realistic to expect a decline of about 15-20% at the opening of the market on Monday," he added.
www.bbc.co.uk...


It remains to be seen what kind of a knock on effect that will have on other markets but tomorrow could be an interesting day for watchers.



edit on 2-8-2015 by gortex because: (no reason given)




posted on Aug, 2 2015 @ 01:48 PM
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Good time to buy then? Rock bottom prices!



posted on Aug, 2 2015 @ 01:50 PM
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a reply to: Phage

Indeed.



posted on Aug, 2 2015 @ 02:07 PM
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a reply to: Phage

Good plan Phage , go for it.



posted on Aug, 2 2015 @ 03:05 PM
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originally posted by: Phage
Good time to buy then? Rock bottom prices!


Uh, that might be like trying to catch an anvil falling out a window of the 13th floor.



posted on Aug, 2 2015 @ 03:46 PM
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edit on 8/2/2015 by r0xor because: (no reason given)



posted on Aug, 3 2015 @ 04:31 AM
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As expected Greek stock dropped 23% in early trading , Manufacturing PMI collapses to record low 30.2 in July.



posted on Aug, 3 2015 @ 05:06 AM
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a reply to: gortex

20%+ drop

www.my9nj.com... ens-with-22-percent-plunge



posted on Aug, 3 2015 @ 05:36 AM
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a reply to: Phage

I'd listen to TonyS if I were you

Buying a falling market is not a bright idea



posted on Aug, 3 2015 @ 08:27 AM
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It depends on wether you invest in things that will almost certainly bounce back.

I made a pretty penny on roubles when all the sanctions started. Bought when they crashed really low, a few weeks later they went up by 25-30%, so then I sold.

I know you can't do quite the same with the Greek market as they use euros, but a similar concept anyway.



posted on Aug, 3 2015 @ 10:57 AM
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End of the first day and it could have been worse , a drop of 16.23% but I think it would have been worse if the banking stocks hadn't had a ceiling of 30% stopping them dropping lower , round two tomorrow.

Constantine Botopoulos, head of the Greek capital markets commission, told Skai radio: "Naturally, pressure is expected, markets will not fail to comment on such an extensive shutdown."
He added: "But we must not get carried away. We must wait until the end of the week to see how the reopening will begin to be dealt with more coolly."
www.bbc.co.uk...



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