ECONOMY

Stocks rise on hopes of troika deal

Stocks staged a mini-rally in Athens on Tuesday in anticipation of an agreement between the government and its creditors, while market rumors spoke of the increasing likelihood that the government will obtain the 180 parliamentary votes it needs to elect a new president in February.

The Athens Exchange (ATHEX) general index closed at 991.36 points, adding 2.88 percent to Monday’s 963.59 points. The large-cap FTSE/ATHEX 25 index expanded 2.73 percent to 321.94 points, but small-caps headed the other way, declining by 0.48 percent.

Market experts say the extent of the government’s concessions to its creditors will be key to political developments over the next few weeks, while the official announcement of a deal will likely trigger a stock price decline given that most traders who are buying the expectation will sell the fact.

Utilities outperformed as Public Power Corp rose 7.37 percent and Athens Water (EYDAP) climbed 6.27 percent. OTE was the only blue chip that did not see gains, staying put.

In total 84 stocks reaped gains, 31 took losses and 20 remained unchanged.

Turnover amounted to 82.3 million euros, up from Monday’s 63.1 million.