ECONOMY

Bank stocks recover to cut index losses

The benchmark of the Greek bourse managed to remain above the 900-point level on Monday as the early panic that wiped out in excess of 3.80 percent from the main index gave way to more collected activity that erased two-thirds of the morning losses.

The Athens Exchange (ATHEX) general index closed at 907.47 points, decreasing by 1.27 percent from Friday’s 919.11 points. The large-cap FTSE/ATHEX-25 index contracted by 1.17 percent to 306.34 points.

The containment of the drop is attributed to the upward swing of bank stocks, with National Bank adding 1 percent and Alpha Bank ending up as a non-mover, having fallen by nearly 6 percent earlier.

OTE telecom outperformed, growing by 1.61 percent, while Folli-Follie (formerly known as Duty Free Shops) fell 4.24 percent and Corinth Pipeworks declined by 4.74 percent.

In total, 40 stocks posted gains, 84 registered losses and 31 remained unchanged.

Turnover came to 47.2 billion euros, just under last Friday’s 47.4 million. The low turnover was indicative of investors’ wait-and-see stance of ahead of Monday’s meeting between the coalition government party leaders.