BUSINESS

ATHEX: Early gains moderated in stock market

TAGS: Stocks

The Greek stock market reacted on Tuesday to Monday’s major slump with an early buying spree, but its gains were moderated during the course of the day, sending the message that stock prices may have reached their peak for the time being and will not be moving up much further without any significant financial developments.

The Athens Exchange (ATHEX) general index closed at 758.97 points, adding 0.63 percent from Monday’s 754.20 points. The large-cap FTSE-25 index expanded 0.60 percent to 1,966.09 points.

The banks index recovered 1.28 percent, as Eurobank earned 2.04 percent, National increased 1.58 percent, Piraeus grew 0.97 percent and Alpha edged up 0.62 percent.

The stock of Public Power Corporation capitalized on the utility’s plan to securitize its unpaid electricity bills, rising 4.48 percent. Jumbo improved 1.89 percent, Viohalco slipped 2.79 percent and Motor Oil conceded 2.05 percent.

In total 56 stocks reported gains, 40 sustained losses and 26 remained unchanged.

Turnover amounted to 42.5 million euros, down from Monday’s 43.7 million.

In Nicosia the Cyprus Stock Exchange advanced 0.59 percent to close at 70.47 points.

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