STOCKS

ATHEX: Turnaround moderates weekly losses

athex-turnaround-moderates-weekly-losses

The Greek stock market posted an unexpected rebound on Friday, offsetting almost all of its Thursday losses and mitigate the benchmark’s weekly drop, largely thanks to favorable estimates by JP Morgan and HSBC as well as news of a flurry of holiday bookings for Greece by Britons.

The Athens Exchange (ATHEX) general index closed at 874.25 points, adding 1.72% to Thursday’s 859.46 points. On a weekly basis it shrank 1.30%.

The large-cap FTSE 25 index expanded 1.76% to end up at 2,110.76 points.

The banks index added 3.60%, with Alpha benefiting from the JP Morgan report recommending the purchase of Greek bank shares, and advancing 10.14%. Piraeus grew 3.62% and National rose 2.43%.

Among the other blue chips, GEK Terna improved 2.96%, ADMIE Holdings climbed 2.77% and Hellenic Petroleum augmented 2.75%.

In total 98 stocks notched up gains, 14 endured losses and 13 remained unchanged.

Turnover amounted to 79.5 million euros, up from Thursday’s €57.1 million.

In Nicosia, the general index of the Cyprus Stock Exchange increased 0.19% to close at 64.92 points.