Market rebounds but fails to maintain gains

Shares ended flat yesterday, with EFG Eurobank recovering from Wednesday’s tumble and Alpha Bank continuing to make gains after upgrades from two investment houses a day earlier. «The market made a slight technical rebound earlier on but was unable to maintain the gains. There’s no trend at the moment but I expect the market to head higher next week on good economic news abroad,» said analyst Nikos Akitzidis at Axon Securities. The benchmark general share index closed 0.06 percent at 2,161.33 points. Eurobank gained 0.73 percent to 13.88 euros after a more than 7 percent slide on Wednesday after Deutsche Bank said it would sell its 9.3 percent stake in Greece’s third-largest bank by assets. After the market close, Deutsche Bank said it sold the entire stake at 13.20 euros a share to Greek and international investors, raising 385 million euros ($450 million). Among the advancers, oil refiner Hellenic Petroleum traded 0.56 percent up at 7.18 euros, with investors pleased by a strong set of nine-month results released on Wednesday. Turnover soared to 530.35 million euros, boosted by the transfer of Deutsche Bank’s 9.3 percent stake in Eurobank. Decliners outnumbered advancers 200 to 102, with 61 unchanged. (Reuters)