Stocks stage unconvincing recovery

In line with other emerging markets, Greek stocks staged a recovery on Monday, ending a rare series of 10 losing sessions, but buyers’ initial zeal fizzled out toward the end of the session.

The Athens Exchange (ATHEX) general index closed 1.73 percent higher, at 1,065.32 points. The large-cap FTSE-25 index gained 1.95 percent to 343.57 points, while the banks index was up 1.64 percent to 140 points. National Bank rose 2.26 percent to 2.26 euros, Piraeus Bank jumped 3.17 percent to 1.30 euros, Alpha Bank shed 0.52 percent to close at 0.57 euros and Eurobank gained 1.36 percent. OTE telecom surged 5.57 percent to 9.85 euros, betting firm OPAP climbed 2.98 percent to 12.10 euros, and Public Power Corporation advanced 2.2 percent to 10.24 euros. Folli Follie went up 1.76 percent to 27.99 euros.

Analysts fear that if the banks index does not make a convincing move toward 155 points in the next couple of sessions, a further correction will be likely soon that may take the general index below 1,000 points. The uncertainty is attributed to the fact that banks have several open fronts, as well as to political uncertainty.

Turnover dropped to 88.34 million euros, while advancers beat decliners 55 to 51.