BUSINESS

Greek stocks end with gains on mid-cap buying

TAGS: Stocks

The intense buying activity of few market participants, particularly in the mid-cap category, led Greek stocks higher at the Athens Exchange on Wednesday, despite the cautiousness of European markets.

According to domestic analysts, the market is hoping for an upgrade of the Athens stock exchange by the FTSE and MSCI indexes, increasing capital inflow.

The general index expanded 0.74 percent to end at 742.96 points, close to the intraday high of 743.13 points.

The large-cap index advanced 0.52 pct and mid-caps jumped 2.71 percent, led by strong gains for Intrakat (24 pct). Turnover came to 35.44 million euros.

According to Nikos Kafkas, head of investments at Merit, in a shallow market such as the ATHEX, the key factor are the major international index trackers MSCI and FTSE Russell, which increase volatility over periods of restructuring. Ekllaktor (5.14 pct), MIG (4.42 pct) and Mytilineos (3.89 pct) scored the biggest percentage gains among blue-chip stocks, while Terna Energy (-1.17 pct), GEK Terna (-0.77 pct) and Vioter (-0.66) recorded losses.

In terms of sectors, technology (3.30 pct), industrial products (2.63 pct) and personal items (2.16 pct) scored gains, while commerce (-2.04 pct) and raw materials (-1.59 pct) ended lower.

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