ECONOMY

Stocks stage rebound as market regains composure

Stocks bounced back on Friday, helping the main index reclaim the 800-point level, as investors considered the previous six straight days of losses to have been rather excessive.

The rebound is also seen as a sign that the market took the finance minister?s statement, in which he said that the austerity measures will clear Parliament, at face value.

The Athens Exchange (ATHEX) general index ended at 802.21 points, soaring 5.38 percent from Thursday?s closing figure of 761.24.

The blue chip FTSE/ATHEX 20 index expanded by 7.21 percent on Friday to close at 294.11 points.

Banks led the rebound, with their sectoral index adding 14.90 percent after an accumulated drop of 33.71 percent over the last six sessions.

Piraeus rocketed upward by 28.37 percent, ahead of Bank of Cyprus (up 14.84 percent) and Alpha (14.38 percent), as all 20 blue chips recorded a rise.

In total, 113 stocks registered gains, 36 posted losses and 15 remained unchanged.

Turnover came to 71.5 million euros, down from Thursday?s 106.4 million.