ECONOMY

Bourse rebound hope dies as stocks slump again

Early losses at the Greek bourse were followed by an attempt at a rebound which was quickly snuffed out by sellers on Monday, leading the benchmark to end up in the red again. Trading volume continued to shrink, with investors avoiding any commitment to local securities as they still fear the worst.

The Athens Exchange (ATHEX) general index closed at 763.09 points, shedding 0.92 percent from Friday’s 770.14 points. The large-cap FTSE/ATHEX 25 index contracted 1.02 percent to end at 227.02 points, although mid-caps advanced 1.27 percent.

The stop-loss moves helped the benchmark emerge from the 745 points it had sunk to just after noon, but there is little doubt that the rebound was technical and not based on any positive news.

National Bank’s 9.43 percent ascent – having dropped during the day by as much as 6.51 percent – led the bank index up 2.52 percent, although Piraeus Bank declined 5.63 percent. Public Power Corporation gave up 5.21 percent.

In total 40 stocks expanded, 59 suffered losses and 22 remained unchanged.

Turnover amounted to 63.7 million euros, against last Friday’s 70.3 million.