ATHEX: Hopes for a deal lead stock market to a rebound

Reports about a possible compromise being reached in the Brussels Group talks as a goodwill gesture by the European Commission helped the local stock market rebound on Monday after morning losses led the benchmark to decline up to 2.70 percent.

The Athens Exchange (ATHEX) general index closed at 825.10 points, adding 1.62 percent to Friday’s 811.98 points. The large-cap FTSE/ATHEX 25 index expanded 1.48 percent to close at 247.02 points.

Greece’s downgrading by rating agency DBRS from B to CCC with a negative outlook late on Friday had led to a bank index decline of as much as 5.70 percent early yesterday but the prospect of a deal with the creditors resulted in the index closing 4.31 percent higher. Eurobank grew 7.69 percent and Piraeus climbed 6.98 percent, while Titan Cement gave up 3.01 percent and OPAP lost 235 percent.

In total 65 stocks reported gains, 38 endured losses and 17 remained unchanged.

Turnover came to 67 million euros, down from last Friday’s 70.2 million.

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