ECONOMY

Fresh rise on ATHEX led by credit stocks

The benchmark index of the Greek bourse posted another four-and-a-half-month high on Monday as a late surge led by bank stocks took it close to the 1,100-point level, suggesting that the local market remains largely unaffected by financial turbulence on the other side of the Atlantic.

The Athens Exchange (ATHEX) general index closed at 1,094.45 points, adding 2.49 percent to Friday’s 1,067.87 points. The large-cap FTSE/ATHEX 25 expanded by 2.17 percent to end at 364.66 points.

The afternoon surge is attributed to the inflow of foreign funds seeking to get well-positioned in view of the local market being tagged as “emerging” by MSCI indexes next month. This climate of confidence in the Greek economy is also reflected in the bond market.

Marfin Investment Group outperformed, climbing by 10.27 percent, ahead of National Bank (up 8.84 percent), Ellaktor (7.55 percent) and Intralot (7.30 percent). Coca-Cola HBC (-0.53 percent) and OTE telecom (-0.24 percent) were the day’s losers among blue chips, while Folli-Follie and EYDAP stayed out.

In total stocks 100 registered gains, 42 recorded losses and 19 remained unchanged.

Turnover amounted to 112.1 million euros, down from last Friday’s 123.3 million.