Coalition rumors see stocks rise

The local bourse cashed in on increasing optimism for the formation of a coalition government in Athens on Thursday and bounced back after three days of heavy losses in the aftermath of Sunday?s election.

The Athens Exchange (ATHEX) general index ended the day at 640.91 points, growing by 4.19 percent from Wednesday?s closing figure of 615.12 points. The blue chip FTSE/ATHEX 20 index climbed a considerable 6.22 percent to close at 244.25 points.

Banks soared, with Alpha adding 15.24 percent, Piraeus gaining 14.55 percent, Bank of Cyprus growing by 14.37 percent and Eurobank EFG expanding by 14.14 percent.

In total, 80 stocks recorded gains, 30 posted losses and 20 remained unchanged.

Turnover amounted to 27.2 million euros, just up on Wednesday?s 27 million.