ECONOMY

Major gains for stocks at start of year

The new year started off with a bang at the Greek bourse on Thursday as local stocks bucked the trend recorded across the rest of the continent to post major gains and take the benchmark index over the 1,200-point level, despite the fact that the capital gains tax came into effect on the same day.

The ATHEX general index closed at 1,204.96 points, growing 3.64 percent from Tuesday’s 1,162.68 points. The large-cap FTSE/ATHEX 25 expanded 3.48 percent to end at 398.24 points.

The word in the market is that the European Central Bank will accept domestic banks’ request to reduce their capital adequacy threshold (Core Tier I index) from 9 to 8 percent (the same as that of their eurozone peers). That sent the banks index up 3.86 percent, with National soaring 7.01 percent and Alpha rising 3.33 percent. Terna Energy added 6.79 percent.

In total 118 stocks posted gains, 19 went down and nine remained unchanged.

Turnover amounted to 57.1 million euros, up from Tuesday’s 52.1 million.