ECONOMY

Rebalancing leads to rise in stock prices and turnover

The rebalancing of investor portfolios in anticipation of Tuesday’s official reclassification of the Greek bourse as emerging from developed, according to MSCI, led to a big rise in prices and turnover on Monday, which bodes well for the last week of the month. However, buying interest remained focused on just a dozen blue chips.

The Athens Exchange (ATHEX) general index closed at 1,197.79 points, adding 2.47 percent to Friday’s 1,168.90 points. The large-cap FTSE/ATHEX 25 expanded 2.29 percent to end at 398.17 points. Still, both the mid-cap and the small-cap indices went down (by 0.09 percent and 0.87 percent respectively).

Jumbo rose 8.11 percent and OPAP posted gains of 7.74 percent. Hellenic Petroleum gave up 3.26 percent.

In total 77 stocks posted gains, 57 suffered losses and 26 ended unchanged.

Turnover reached 179.7 million euros, against Friday’s 111.8 million.