Bank stocks led a much-needed Greek bourse rebound on Thursday, making up some of the ground lost in the first three sessions since the market reopened. However, traders viewed the recovery more as a correction and less as evidence of genuine expectations of an upward move in the coming days. That was also clear from the drop in trading volume.
The Athens Exchange (ATHEX) general index closed at 666.68 points, adding 3.65 percent to Wednesday’s 643.22 points. The large-cap FTSE 25 index expanded 4.81 percent to end at 197.96 points.
After the three-day 63.8 percent decline, the banks index clawed back 17.78 percent, as Alpha started the day at the limit down and ended 11.61 percent higher, National rose 27.47 percent and Eurobank gained 17.31 percent. Grivalia Properties lost 6.08 percent.
In total 71 stocks moved up, 22 came down and eight stayed put.
Turnover amounted to 73.4 million euros, down from Wednesday’s 81 million.