ECONOMY

Minor stock gains point to rise in the long term

Local investors found no grounds for optimism in the German election results on Monday. Stocks were clearly lacking in direction before the end of the session, when blue chips posted a small rise although generally there were more losers than gainers.

The Athens Exchange (ATHEX) general index closed at 990.32 points, growing by 0.64 percent from Friday’s 984.04 points. The large-cap FTSE/ATHEX 25 expanded by 0.59 percent to end at 336.61 points, while the mid-cap index contracted by 0.68 percent.

Observers say that the benchmark’s rise on a day of no direction points to long-term growth for stocks as the market is generally on an upward trajectory.

OTE telecom led the blue chips with a rise of 5 percent, ahead of EYDAP (up 2.25 percent). On the losing side, Eurobank Properties gave up 4.67 percent and Ellaktor decreased by 3.40 percent. Notably, both National Bank and Piraeus Bank closed unchanged.

In total 56 stocks showed gains, 67 recorded losses and 17 remained unchanged.

Turnover was the lowest of the last five sessions, amounting to 42.4 million euros, down from Friday’s 91.6 million. Over 55 percent of trading volume concerned just four stocks: OTE, OPAP, Piraeus and National.