ECONOMY

Credit sector news helps bourse gain ground

News that Piraeus Bank and Societe Generale are in advanced talks regarding the sale of Geniki Bank on Wednesday gave a boost to the local bourse, which covered most of the losses it had incurred on Tuesday.

The Athens Exchange (ATHEX) general index ended at 640.84 points, adding 1.49 percent to Tuesday?s closing figure of 631.41 points. The blue chip FTSE/ATHEX 20 index rose 1.69 percent to close at 231.48 points.

Predictably Piraeus led the blue chips with gains of 8.44 percent, followed by Viohalco (up 7.45 percent). Hellenic Petroleum contracted 1.40 percent, but after the bourse closed it issued positive second-half operating results, up by 36 percent from 2011.

In total, 56 stocks posted gains, 62 registered losses and 25 remained unchanged.

Turnover amounted to 16.8 million euros, down from Tuesday?s 22.1 million.