ECONOMY

Local stocks reverse losses at last minute

The prospect of a last-minute deal between Democrats and Republicans in Washington to avert a US default reversed the day’s losses at the end of Wednesday’s session and provided small gains to the benchmark index in line with most continental markets.

The Athens Exchange (ATHEX) general index closed at 1,125.02 points, adding 0.45 percent to Tuesday’s 1,119.99 points. The large-cap FTSE/ATHEX 25 expanded by 0.82 percent to end at 374.63 points, while the mid-cap index posted a 1.51 percent decline.

The buying interest recorded in the last hour of trading and particularly in the closing auctions turned things around in what was a session of losses for most stocks. Observers note that the ups and downs of the last couple of sessions may serve to let some steam off the overheated market.

Jumbo outperformed with a rise of 4.60 percent, followed by Marfin Investment Group (up 3.43 percent). OTE telecom was the worst off among blue chips, giving up 3.11 percent, as Piraeus Bank declined by 2.60 percent.

In total, 58 stocks reported gains, 70 sustained losses and 26 closed unchanged.

Turnover amounted to 103.7 million euros, down from Tuesday’s 173.2 million.