Stock rally continues on recap hopes

Greek stocks continued to rally on Wednesday with another session of considerable gains on the back of newfound optimism regarding the chances of National Bank and Eurobank avoiding nationalization. The growing momentum on the local bourse was also evident in increased turnover.

The Athens Exchange (ATHEX) general index closed at 903.13 points, adding 3.03 percent to Tuesday’s 876.54 points. The large-cap FTSE/ATHEX-25 rose 4.20 percent to 295.38 points.

The benchmark’s rise of more than 100 points in just three days means a downward correction can be expected by the end of the week.

Banks added 16.04 percent as National jumped a spectacular 27.18 percent, with Eurobank close behind, rising 26.18 percent. Eurobank’s price has almost doubled in three days, soaring 96 percent.

Piraeus added 16.75 percent and Alpha expanded by 13.33 percent on Wednesday.

Heading south were Intralot, which declined by 1.03 percent, and Coca-Cola HBC, which posted a loss of 0.99 percent.

In total 109 stocks posted gains, 35 suffered losses and 17 remained unchanged.

Turnover amounted to 68 million euros, the highest of the last seven sessions, up from Tuesday’s 64.1 million.