ECONOMY

Local stocks surge higher as investors buy into optimism

The optimism generated on Tuesday by the assurances of the finance minister as well as anticipation of a credit rating upgrade either by Fitch on Friday or Moody’s next week led to a major rebound at the local bourse that saw rising stocks outnumber decliners by a ratio of three-to-one. Turnover also showed a significant improvement.

The Athens Exchange (ATHEX) general index ended at 916.19 points, adding 3.90 percent to Monday’s 881.76 points. The large-cap FTSE/ATHEX 25 index expanded 4.07 percent to 296.24 points.

Banks outperformed as their sectoral index climbed 4.98 percent while accounting for two-thirds of trading volume. Eurobank rose 7.56 percent, Piraeus grew 6.73 percent and Alpha added 3.23 percent, but they were all beaten by PPC, which soared 9.09 percent.

In total 87 stocks posted gains, 29 took losses and 16 remained unchanged.

Turnover amounted to 86.2 million euros, dwarfing Monday’s 34.4 million.