ECONOMY

Lender stocks rack up major gains after weeks-long decline

The accumulated losses of bank stocks between October 24 and Tuesday came to over 38 percent, but the 7.40 percent rebound registered during Wednesday’s session at the local bourse not only went some way toward reversing that but boosted the benchmark too.

The Athens Exchange (ATHEX) general index ended at 794.72 points, expanding by 2.45 percent from Tuesday’s closing figure of 775.72 points. The blue chip FTSE/ATHEX 20 index gained 3.20 percent to close at 284.17 points.

Piraeus Bank led the blue chips, adding 11.78 percent, and Marfin Investment Bank rose by 9.59 percent, while Motor Oil gave up 2.89 percent.

In total 92 stocks grew, 34 declined and 19 remained unchanged.

Turnover amounted to 60.5 million euros, down from Tuesday’s 83.2 million.