Piraeus Bank throws weight behind index

Many Greek stocks, led by banks, managed to recover heavy losses sustained on Tuesday during Wednesday’s volatile session, although the benchmark still ended marginally lower.

The Athens Exchange (ATHEX) general index fell 0.04 percent to 881.03 points, after oscillating between gains of 0.89 percent and losses of 1.38 percent.

The banking index added 1.78 percent. Piraeus Bank, leading in turnover with 4.69 million euros, was up 3.13 percent at 1.02 euros after posting net profits of 3.5 billion in the first half, largely due to negative goodwill. Net interest income was 734 million euros. National Bank was unchanged at 2.85 euros and Alpha Bank climbed 3.39 percent to 0.49 euros. OTE telecom rose 0.61 percent to 6.65 euros and Public Power Corporation added 2.44 percent to end at 7.15 euros. Betting firm OPAP was unchanged at 7.20 euros. Piraeus Port Authority was the only large-cap to stay in positive territory throughout the session, closing 1.09 percent higher at 15.75 euros.

Analysts note that after three consecutive southbound sessions, the outlook is pessimistic and most wonder whether the strong support barrier of 850 points will endure.

Decliners outnumbered winners 69 to 54 while turnover fell to 28.68 million euros.