ECONOMY

ATHEX: Bank rebound not enough to offset weekly losses

athex-bank-rebound-not-enough-to-offset-weekly-losses

The local benchmark’s losing streak came to an end Friday, but the weak rebound of just over 1 percent failed to offset the losses recorded in the four days after the September 20 general election.

The week ended with losses of 3.20 percent for the main index in Athens, while the banks index lost almost 20 percent in just one week despite Friday’s gains of 6.15 percent, while trading volume is simply going from bad to worse.

The ATHEX general index closed at 675.17 points, adding 1.10 percent to Thursday’s 667.82 points. The large-cap FTSE 25 index expanded 1.30 percent to end at 197.17 points.

Alpha Bank led the blue chips with a rise of 8.87 percent, followed by Eurobank (up 6.90 percent), Piraeus Bank (5.62 percent) National Bank (4.42 percent) and Ellaktor (4.08 percent).

Hellenic Exchanges declined 1.70 percent and Aegean Airlines dropped 1.12 percent.

In total 50 stocks ended higher, 37 sustained losses and 12 remained unchanged.

Turnover amounted to just 17.4 million euros, the lowest recorded in the last 14 sessions and down from Thursday’s 23.7 million.