ECONOMY

Bourse index recovers some lost ground

The Greek bourse underwent a technical correction on Friday following three sessions of losses that reached close to 9 percent in total. Once again, though, the daily gains were registered on reduced turnover, while the week’s days of losses were in most cases accompanied by higher trading volume.

The Athens Exchange (ATHEX) general index closed at 779.56 points, adding 2.35 percent to Thursday’s 761.66 points. On a weekly basis it gave up 6.78 percent. The large-cap FTSE/ATHEX 25 index expanded 2.05 percent to end at 249.38 points.

It appears that investors are holding back on putting any money back into Greek stocks until the political landscape clears, but when that happens the rally may prove to be an impressive one, given that the market seems to have priced in a clash between Athens and its creditors after the January 25 election.

All but two blue chips enjoyed growth as Jumbo jumped 8.50 percent, Aegean Airlines rose 7.81 percent and Alpha Bank gained 4.48 percent. Piraeus Bank declined by 2.37 percent.

In total 67 stocks registered gains, 30 sustained losses and 28 remained unchanged.

Turnover amounted to 67.2 million euros, down from Thursday’s 73.2 million.