ECONOMY

Clearer view of prospects boosts stocks

Greek stocks rebounded after five losing sessions Wednesday, a development largely attributed to German Chancellor Angela Merkel’s indirect admission of the need for a third bailout package for Greece.

The Athens Exchange (ATHEX) general index closed 0.85 percent higher, at 903.76 points, on thin trade. After rising as much as 1.77 percent following Merkel’s statement, it receded after visiting European Central Bank official Joerg Asmussen announced that “any discussion of any further aid to Greece will not open before the spring of 2014”.

The large-caps index was up 1.27 percent while the banks index gained 0.38 percent. OTE telecoms rose 1.50 percent to 6.75 euros, leading in turnover with 5.40 million euros. Piraeus Bank advanced 1.41 percent to 1.01 euros, Public Power Corp was 1.25 percent higher and Alpha Bank gave up 2.20 percent.

Winners outnumbered decliners 73 to 49 and turnover fell to 33.25 million euros.