Shares resume upward ride, led by banks

Shares resumed their uptrend yesterday after a small correction a day earlier, with banks leading the advance on expectations of improved half-year results. The benchmark share index rose 1.05 percent to 2,085.49 points. Banks climbed 2.12 percent as investors bet half-year results will be boosted by stronger trading income following the stock market’s recovery since March. «The momentum was positive today, with a strong move by bank stocks in anticipation of good first-half earnings,» said analyst Yiannis Arapoglou at Kyklos Securities. The upbeat mood attracted buyers to other stocks. Telecoms equipment maker Intracom rose 3.95 percent to 6.84 euros while gaming operator OPAP added 2.2 percent to 10.20 euros. Advancers led decliners 250 to 88, with 33 stocks ending unchanged. Turnover reached 250.12 million euros with 58.14 million shares trading hands.(Reuters)