ECONOMY

ATHEX: Turnover leaps on busy trade in bank chips

athex-turnover-leaps-on-busy-trade-in-bank-chips

Trading volume on the Greek bourse soared on Tuesday as investors continued to focus on bank chips following their post-recap relisting, with hundreds of millions of euros being traded in the sector. Even so, the benchmark and the majority of Greek stocks posted a decline, and it remains to be seen whether the market will revert to its downward course once the dust settles.

The Athens Exchange (ATHEX) general index closed at 583.18 points, shedding 1.20 percent from Monday’s 590.26 points. The large-cap FTSE 25 index contracted 0.75 percent to end at 170.82 points, while small-caps slumped 5.78 percent.

Some 89 percent of the day’s trading concerned the four systemic banks. Piraeus advanced 16.12 percent, National Bank rebounded 13.10 percent after Monday’s limit-down, Alpha Bank was a non-mover and Eurobank gained just 0.10 percent. Attica Bank declined 7.39 percent.

The rest of the market had a rather downbeat session with the vast majority of blue chips heading south, led by EYDAP (down 6.82 percent), Ellaktor (4.90 percent) and GEK Terna (4.73 percent). Coca-Cola HBC (up 2.50 percent) and Titan Cement (1.68 percent) bucked the trend.

In total 34 stocks reported gains, 63 suffered losses and 15 remained unchanged.

Turnover amounted to 327.7 million euros, up from Monday’s 175.6 million.