ECONOMY

Stocks rise as cash crunch fears subside

A second day of significant gains for local stocks on Tuesday suggested that investors are fostering fresh hopes that Greece’s creditors have softened their stance and the country will see its cash crunch ease in the coming days, averting a feared default. Turnover dropped below 100 million euros again.

The Athens Exchange (ATHEX) general index closed at 794.57 points, adding 3.66 percent to Monday’s 766.51 points.

The large-cap FTSE/ATHEX 25 index expanded by 3.29 percent to end at 237.70 points.

This time it was blue chips outside the credit sector that posted the biggest gains, as Public Power Corporation climbed 10 percent and Jumbo jumped 8.39 percent. Grivalia Properties conceded 2.51 percent.

Eurobank was the best performer among banks, adding 7.29 percent, while Piraeus Bank fell 0.77 percent. The banks index rose 0.99 percent.

In total 84 stocks recorded gains, 30 suffered losses and 13 closed unchanged.

Turnover amounted to 93 million euros, down from Monday’s 131 million.

The stock market will be closed on Wednesday due to the national holiday and reopen on Thursday.