ECONOMY

Credit stocks buoy local bourse

The Greek bourse posted gains for a second session in a row on Monday thanks to bank stocks that rallied on the prospect that most local lenders will manage to retain their independence.

The Athens Exchange (ATHEX) general index closed at 943.33 points, adding 1.79 percent to Friday’s 926.73 points. The large-cap FTSE/ATHEX-25 expanded by 2.80 percent to 310.62 points.

The banks’ index gained 18.33 percent, as National grew by 19.76 percent, Alpha added 19.25 percent and Piraeus expanded by 15.58 percent.

The best-performing non-bank blue chip was Corinth Pipeworks (up 6.76 percent), which has replaced Bank of Cyprus in the large-cap index.

Eurobank Ergasias bucked the trend, contracting by 4.17 percent.

In total 82 stocks posted gains, 57 suffered losses and 23 stayed put.

Turnover shrank to 50.3 million euros from last Friday’s 54.5 million.