BUSINESS

ATHEX: Bank stocks stage rebound, adding 8.1 pct

TAGS: Stocks

Oversold bank stocks staged a remarkable rebound in Thursday’s bourse session, with Alpha and National announcing a return to profit in July-September at the end of the trading day. The Athens Exchange (ATHEX) was also buoyed by rallying international markets, the drop in Greek bond yields and a favorable report by Moody’s on the Bank of Greece proposal for slashing bad loans.

The ATHEX general index ended at 618.16 points, adding 2.50 percent to Wednesday’s 603.11 points. The large-cap FTSE-25 index expanded 2.20 percent to 1,633.34 points.

The banks index soared 8.10 percent, as Eurobank jumped 13.03 percent, Alpha improved 7.59 percent, National grabbed 4.21 percent and Piraeus increased 2.11 percent.

It was also a good day for Grivalia Properties (up 11.07 percent), Mytilineos (8.21 percent), Hellenic Exchanges (6.69 percent) and Viohalco (4.87 percent). Motor Oil fell 0.49 percent.

In total 59 stocks posted gains, 34 sustained losses and 29 remained unchanged.

Turnover amounted to 61.3 million euros, up from Wednesday’s 36.4 million.

In Nicosia the Cyprus Stock Exchange general index declined 0.30 percent to close at 65.54 points.

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