Stock rebound too small to promise rise

After five consecutive sessions of losses for the benchmark index on the Greek stock market, Monday saw moderate gains for most blue chips and some losses for most other stocks in a mixed session that was dominated by banks once more.

The Athens Exchange (ATHEX) general index closed at 1,038.89 points, shrinking by 0.36 percent from Friday’s 1,035.12 points. The large-cap FTSE/ATHEX-25 index grew by 0.32 percent to end at 351.76 points, but the mid-cap index declined by 0.38 percent.

Observers note that after a week-long decline stocks should have shown a more significant rebound, possibly pointing to further losses ahead.

The banks’ index posted gains of 3.96, thanks to Alpha adding 11.03 percent, Eurobank Ergasias expanding by 10 percent and Piraeus growing by 5.07 percent.

Hellenic Exchanges rose by 3.13 percent and Hellenic Petroleum climbed by 2.94 percent, while Jumbo dropped by 4.83 percent and OPAP contracted by 3.91 percent.

In total 73 stocks reported gains, 84 sustained losses and 17 remained unchanged.

Turnover came to 88.7 million euros, once again without the trading of National Bank and on a bank holiday for London and New York, compared to last Friday’s 78.2 million.