ECONOMY

ATHEX: Credit sector stocks post 11.29 percent recovery

athex-credit-sector-stocks-post-11-29-percent-recovery

Even companies heading south due to disruptive internal factors, such as Greece’s banks with their share capital increases, can hope for a blip of recovery if traders feel the prices of their stocks have fallen too low too fast. That was the case in Athens on Tuesday, when the banks index rebounded 11.29 percent, helping the benchmark to rise despite mid-cap losses.

The Athens Exchange (ATHEX) general index closed at 648.12 points, adding 0.72 percent to Monday’s 643.51 points. The large-cap FTSE 25 index expanded 0.75 percent to end at 192.94 points, while mid-caps declined 0.62 percent.

The stocks of the two banks that finished their book building processes first, Alpha and Eurobank, enjoyed gains of 19.23 percent and 14.29 percent respectively. Piraeus Bank advanced 9.09 percent. Folli Follie was the biggest loser, giving up 4.53 percent, and Viohalco lost 1.90 percent.

In total 48 stocks recorded gains, 44 suffered losses and 25 closed unchanged.

Turnover amounted to 51.2 million euros, almost twice Monday’s 26.7 million.