ECONOMY

Banks lead Greek stock rebound

After six consecutive sessions of decline for its main index, the local bourse staged on Tuesday a moderate rebound that is seen as a predictable correction that could have been even greater.

The Athens Exchange (ATHEX) general index ended at 1,369.30 points, rising by 1.44 percent from Monday?s close at 1,349.91 points. The blue chip FTSE/ATHEX 20 index grew by 2.29 percent to end at 614.70 points.

The banks? sectoral index rose by a significant 5.36 percent as lenders were the focus of buying interest.

Alpha Bank outperformed with gains of 9.30 percent, followed by National Bank (up 6.99 percent), Eurobank EFG (5.90 percent) and Hellenic Postbank (3.42 percent). Jumbo was the worst off among the blue chip losers, posting a 1.64 percent fall, ahead of Marfin Investment Group (down 1.47 percent) and Coca-Cola HBC (1.38 percent).

In total, 94 stocks moved up, 50 went down and 50 remained unchanged. Babis Vovos saw the biggest rise, with gains of 18.52 percent, while Koumbas Holdings led the losers, shedding 11.11 percent.

Turnover came to 97.6 million euros, down from 110 million on Monday.