Credit sector restructuring bolsters local stock market

News that the restructuring and recapitalization of the local credit sector was proceeding well propelled most stocks on the local bourse higher on Monday, with the banking index turning from net losses to gains for the year to date.

The Athens Exchange (ATHEX) general index closed at 1,065.22 points, adding 2.98 percent to last Friday’s 1,034.39 points. The large-cap FTSE/ATHEX-25 index grew by 4.58 percent to end at 364.55 points. Small-caps grew by 0.21 percent.

The bank index expanded by 20.72 percent as Eurobank enjoyed a 29.06 percent rise, Piraeus jumped 28.47 percent and Alpha climbed 28.25 percent, having risen by as much as 42 percent during the day. Coca-Cola HBC gave up 1.16 percent.

In total 103 stocks posted gains, 55 registered losses and 19 remained unchanged.

Turnover amounted to 105.2 million euros, down from Friday’s 124.1 million.