Athens stocks plunge on Greek default woes

FXStreet (Mumbai) - Greece’s benchmark index, the Athex Composite Share Price Index (ASE) kick-started the week on a bearish note and dived nearly 2% during the European morning following weekend comments that the debt-ridden country won't be able to make its next payments to the International Monetary Fund (IMF) unless a deal is struck with creditors.

Currently, the ASE trades -1.35% lower at 828.65 levels, retreating from session lows at 818.86. The index dropped today after Greek interior ministers’ comments over the weekend which spooked markets, triggering a fresh sell-off.

"The four instalments for the IMF in June are €1.6 billion. This money will not be given and is not there to be given," Greece's Interior Minister Nikos Voutsis said on Sunday. The upcoming payment to the fund is scheduled for next Friday, June 5.

The index is seen trading with a negative market breadth, the advance-decline ratio being 17:36. Plastika Kritis is the top gainer up 4.72% followed by European Reliance General Insurance up 4.60%. While Real Estate Development & Services is down -7.73% on the day, followed by Attica Bank which is losing -4.29%.

ASE Technical Levels

The index has an immediate resistance at 841.90. Meanwhile, support is seen at 818.65 levels and 800 levels.