ECONOMY

Bourse prices in defeat for anti-bailout parties

Investors in Athens appear increasingly confident that the risk of an anti-bailout government emerging from the upcoming election on Sunday is diminishing. This ensured a spectacular rally for Greek stocks on Thursday, bucking the downward trend observed among their European peers.

The Athens Exchange (ATHEX) general index ended at 550.10 points, adding 10.12 percent to Wednesday?s closing figure of 499.56 points. This was the biggest daily rise in the last 10 months.

The blue chip FTSE/ATHEX 20 index jumped 12.55 percent to close at 205.93 points.

The banks index posted an extraordinary rise, adding 23.39 percent on the day, while its gains over the last seven sessions have added up to 43.77 percent. Observers have been surprised by the massive gains of the day and note that that may well generate an abrupt correction on Monday.

Alpha Bank was again the blue chip leader, as it soared 29.75 percent, while construction company Ellaktor followed with 27.49 percent.

In total, 116 stocks posted gains, 25 registered losses and 21 remained unchanged.

Turnover amounted to 81.5 million euros, up from Wednesday?s 33.1 million.