ECONOMY

ATHEX: Bank stocks lead major rebound on market

athex-bank-stocks-lead-major-rebound-on-market

The volatility of the Greek market was highlighted again on Monday as the benchmark of the local bourse soared for a second session after eight straight days of losses. Oversold bank shares enjoyed huge gains, with their sectoral index growing 24.75 percent, its biggest daily increase in six months.

The Athens Exchange (ATHEX) general index closed at 487.92 points, adding 7.40 percent to Thursday’s 454.29 points. The large-cap FTSE 25 index expanded 10.17 percent to end at 131.55 points.

Driven by the major surge on Asian markets, which was repeated in Europe, Greek stocks also benefited from the sense that the government is keener than ever to strike a deal with its creditors to keep the country afloat.

All blue chips moved up, led by Eurobank (up 29.94 percent), Piraeus (28.57 percent), National (26.67 percent) and Alpha (21.21 percent).

In total 82 stocks posted gains, 32 took losses and 16 stayed put. Turnover reached 74.5 million euros, against last Friday’s 52.3 million.

In Nicosia the general index of the Cyprus Stock Exchange fell 1.33 percent to 63.85 points.