Stocks recover after shocking three-day slide

Morgan Stanley’s estimate that there is still value in the local market, and Wednesday’s excessive slide, resulted in stock prices posting a notable correction on Thursday.

The Athens Exchange (ATHEX) general index closed at 733.61 points, adding 3.16 percent to Wednesday’s 711.13 points. The large-cap FTSE/ATHEX 25 index expanded by 4.15 percent to end at 218.88 points.

After cumulative losses of over 40 percent in three days, and the deputy prime minister’s assurances regarding the rights of lenders’ shareholders, it was no wonder that the banks index rebounded by 12.90 percent on Thursday. Alpha jumped 19.93 percent, Eurobank rose 14 percent and National climbed 12.57 percent. Jumbo fell 6.39 percent.

In total 72 stocks went up, 49 contracted and 12 stayed put. Turnover came to 174.5 million euros, against Wednesday’s 194.6 million.