Stocks rebound to levels seen in early September
Shares rebounded yesterday, ending with gains of 1.15 percent at levels last seen in early September, with expectations of strong nine-month results lifting bank shares. «The general share index breached the 2,138-point level today, a positive sign as this could pave the way for the market to rise to 2,200 points in the short term,» said analyst Christos Samothrakis at Market Securities. The benchmark general share index settled at 2,145.20 points. Bellwether National Bank added 0.67 percent to 18.12 euros. It is due to report nine-month results tomorrow, with analysts forecasting an almost 40 percent year-on-year jump in group pretax earnings after minorities. Bank of Attica and Alpha Bank, which have indicated interest in shares in General Bank, gained 0.97 and 0.61 percent respectively, as investors waited for news of possible bidders for the purchase of a significant stake in the bank. Electricity utility Public Power Corporation closed 0.23 percent firmer at 17.54 euros, trimming earlier gains ahead of a 15.7 percent offering scheduled for October 22-24. Turnover rose to 120.18 million euros, with 25.6 million shares changing hands. Advancers outnumbered decliners 276 to 47, with 40 stocks ending unchanged. (Reuters)
