Stocks traded sharply lower early Monday, as investors have turned risk-averse following military clashes in Middle East. However, losses in Athens were steeper compared with major bourses in Europe. 

“Elevated geopolitical risk not supportive for equities as oil prices bounce and investors now have to deal with more mid-term uncertainties,” Beta Securities wrote in its daily comment.    

At 1047 local time, the general share index was losing 2% to 1114 points. Bank losses were steeper, -2.4%. Also Aegean was badly-hit in line with most European air-carriers.

Among top decliners were Piraeus -4.1%, Aegean -4%, Eurobank -3.5%, Motor Oil -3.2%, Mytilineos -3.2%.