Following the General Index's sharp decline below the 1,400 mark and Morgan Stanley's new back-to-back target price cuts in the sector, banks are continuing their correction from where it stopped on Friday.

The banking index leads the losses with a 1.8% drop to 1,176.8 points, the FTSE is down to 3,357.7 points at -1.3%, as is the midcap FTSEM trading at 2,234 points at -1.4%.

Piraeus is now down at €3.58 with -2.8%, Alpha at €1.54 with -2.2%, and ΝΒG at €6.9 with -1.4%, while only Eurobank is somewhat limiting the pressure by moving to €1.95 with -0.9%. In the same tone, PPC and Metlen both lose 1.6%, OPAP moves -1.2%, Aegean -2%, and OTE -0.9%.

Sarantis and Viohalco are down 3%, while beyond banks, Metlen, Cenergy and Aegean are down more than 2%.  PPC is attempting to change the trend, having moved from 11.72 euros (-2.4%) to 12.07 (+0.17%), while Jumbo is down slightly by 0.3% and OTE by 0.6%.

EYDAP attempts to provide some support to the market with +1%, but has only Autohellas (+0.4%) and now PPC next to it in the FTSE positive.

The picture is even worse in the mid-cap sector, where only two stocks are rescued and that is now remaining unchanged, EYAPS and PPA, virtually without turnover. 

The biggest pressure is on Fourli and Techniki Olympiaki, which are down by more than 3%, with Intracom down -2.9% and Intralot and IPTO down -2.3%.