ATHEX: Bank stocks up 20 percent in 3 sessions

ATHEX: Bank stocks up 20 percent in 3 sessions

The progress recorded in the bailout review process buoyed Greek stocks for the third day in a row on Friday, with bank stocks soaring 7.11 percent to accumulate gains of about 20 percent in just three sessions.

The Athens Exchange (ATHEX) general index closed at 611.93 points, adding 1.81 percent to Thursday’s 601.07 points. On a weekly basis it advanced 5.04 percent, the best weekly performance in the last seven months.

The large-cap FTSE 25 index expanded 2.79 percent to 1,645.50 points, while small-caps shrank 0.54 percent.

Two-thirds of the increased trading volume involved bank stocks, with Eurobank growing 14.24 percent, Piraeus rising 9.04 percent, National improving 6.06 percent and Alpha climbing 3.57 percent.

OTE telecom, a 5 percent stake in which was transferred from the state to sell-off fund TAIPED this week, closed on the day’s high, up 2.42 percent. PPC went up a notable 3.31 percent, while Folli Follie declined 1.17 percent.

In total 67 stocks posted gains, 38 registered losses and 21 remained unchanged.

Turnover amounted to 82 million euros, up from Thursday’s 52.7 million.

In Nicosia the general index of the Cyprus Stock Exchange increased 0.65 percent to close at 67.06 points.

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