Stock index shakes off lender pressure to expand gains

Unfazed by the release of sobering third-quarter bank results on Thursday, which resulted in losses for banks and the blue chip index at the end of the session, the local bourse’s benchmark index, along with the majority of stocks, enjoyed fresh gains on top of the big rise registered on Wednesday.

The Athens Exchange (ATHEX) general index ended at the highest point seen in the last two months, at 880.70 points, growing by 0.26 percent from Wednesday’s 878.41 points. The large-cap FTSE/ATHEX-25 index slipped 0.75 percent to end at 302.76 points, while the mid-cap index added 0.52 percent.

Piraeus Bank and Eurobank, which had their results published on Thursday, posted losses of 10.12 and 9.35 percent respectively. Alpha Bank shed 8.51 percent, in anticipation of the publication of its own Q3 results on Friday. The only bank to show gains was Attica, as Cypriot lenders also suffered pressure in response to a German report that suggested that the International Monetary Fund will not participate in the Cypriot bailout as things stand. In contrast, Viohalco added 6.35 percent and Duty Free Shops grew by 6.22 percent.

In total 78 stocks registered gains, 70 suffered losses and 23 remained unchanged.

Turnover amounted to 52.3 million euros, down from 63.8 million on Wednesday.

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