ECONOMY

Big gains across the board

The Greek bourse posted a spectacular rise on Tuesday, attributed partly to positive news regarding a new bailout package for the country?s economy as well as to the general feeling the market has been underpriced. It remains to be seen whether this growth can continue in June.

The Athens Exchange (ATHEX) general index ended at 1,309.46 points, growing by 5.58 percent from Monday?s close at 1,240.25 points. The blue chip FTSE/ATHEX 20 index rose by 6.83 percent to end at 587.26 points.

Banks outperformed, registering a rise of 10.06 percent in their sectoral index. Bank of Cyprus gained 17.35 percent, Marfin Investment Group added 14.29 percent, Eurobank EFG rose by 10.80 percent, National Bank grew by 10.61 percent and Mytilineos expanded by 9.11 percent. Hellenic Petroleum was the only blue chip to post losses (down 0.45 percent).

In total, 129 stocks moved up, 38 went down and 32 remained unchanged. Varveris Moda Bagno had the biggest rise, with gains of 18.52 percent, while Axon Holdings led the losers, shedding 18.67 percent.

Turnover came to 160.8 million euros.