Amsterdam stock exchange reopened for business on Wednesday after a New Year break which saw the AEX blue chip index close 2018 with a loss.

It was the first time in seven years that the AEX has ended the year down on its January 2 opening. By 11am on Wednesday, the index was down 1.3% at around 481 points.

The AEX ended 2018 at 487.88 points, down 10.4% on 2017’s close, after hitting a peak of 570 points at the end of January and a new peak of 576 at the end of July.

In October, the index dipped below 500 points and had fallen to as low as 472 points over the Christmas period, before rallying slightly at the end of the year.

Just six of the 25 AEX stocks ended the year up, lead by Ahold Delhaize, with a gain of 20%. Banks ING and ABN Amro were the among the biggest losers, with their share prices down 38% and 24% respectively.

The poor stock exchange performance in the final quarter of the year means that Dutch pension funds are again under pressure.

They will announce their end 2018 coverage ratios later this month and that will determine if pensions will have to be trimmed. Dutch pension funds are required to have assets to cover 104% of their pension obligations.

The five biggest Dutch pension funds have been in the danger zone for four years. Although the biggest fund – civil service giant ABP – had looked safe, it may have fallen below 104% towards the end of the year, the Financieele Dagblad reported.

The other four, including two engineering funds and the health service fund – had bigger shortfalls to make up to reach 104% and may have to cut pensions next year or in 2021, the FD said.