BUSINESS

ATHEX: Investor optimism wins the day

TAGS: Stocks

In marked contrast to the cloud of uncertainty hanging over Greece’s second bailout review, local stocks soared in the latter part of Friday’s session, as investors put their money on a thaw in relations between the government and its creditors. Buying interest was also strengthened due to the considerable losses recorded over the previous six sessions, which had added up to more than 5.3 percent for the benchmark.

The Athens Exchange (ATHEX) general index ended at 639.64 points, jumping 4.22 percent from Thursday’s 613.76 points, marking the biggest daily rise in the last six months. This all but offset the week’s losses, as on a weekly basis the index gave up just 0.07 percent.

The large-cap FTSE 25 index expanded 3.70 percent to close at 1,725.41 points, with banks leading the way with 9.27 percent growth.

Alpha Bank, which sold the Hilton Athens hotel, climbed 12.21 percent, and METKA, which is set to merge with the other Mytilineos subsidiaries, added 11.41 percent. Other major movers on the day were National Bank (up 9.44 percent), Mytilineos (up 9.25 percent) and PPC (up 8.19 percent).

In total 69 stocks posted gains, 27 took losses and 15 stayed put.

Turnover reached 154 million euros, up from Thursday’s 71.6 million.

In Nicosia the general index of the Cyprus Stock Exchange advanced 2.26 percent to close at 65.18 points.

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