Hedge funds rumors send stocks higher
Rumors that foreign hedge funds will have a strong presence in the state bond buyback program, which would signify its success and the smaller-than-feared participation of local lenders – reducing their losses – met with a positive response on the Greek bourse on Wednesday.
The Athens Exchange (ATHEX) general index ended at 818.71 points, expanding by 1.05 percent from Tuesday’s 810.17 points. The large-cap FTSE/ATHEX-25 index added 1.78 percent to end at 286.09 points.
Traders however continued to act with caution, steering clear of major moves on the trading board, which explains the great decline in turnover this week compared with the previous one.
The bank stock yo-yoing continued on Wednesday, with all ending with gains after Tuesday’s decline, as Alpha went up 5.77 percent, Piraeus by 5.69 percent and Bank of Cyprus 4.04 percent. Coca-Cola HBC, the blue chip with the biggest capitalization, underperformed with losses of 2.17 percent, while Marfin Investment Group gave up 1.26 percent.
In total 71 stocks posted gains, 55 took losses and 29 were unchanged.
Turnover amounted to 35.9 million euros, just up on Tuesday’s 35.5 million.
