ATHEX: Bank stocks continue to rally for fourth straight day

ATHEX: Bank stocks continue to rally for fourth straight day

Unfazed by the International Monetary Fund’s pessimistic forecasts for the Greek economy, stocks at Athinon Avenue continued to rally on Tuesday. They were again led by the bank sector, which has been going from strength to strength since last week when it became common knowledge that the stress tests would be successful: In the last four sessions their sectoral index has earned more than 14 percent.

The Athens Exchange (ATHEX) general index ended at 836.94 points, adding 1.96 percent to Monday’s 820.88 points. The large-cap FTSE-25 index expanded 1.99 percent to 2,156.25 points.

The banks index soared 4.05 percent, with Piraeus jumping 6.23 percent, National following with a 4.07 percent rise, Alpha advancing 3.85 percent and Eurobank increasing 3.26 percent.

It was also a good day for Piraeus Port Authority (up 3.65 percent), Titan Cement (3.31 percent) and Hellenic Petroleum (3.19 percent), while Grivalia Properties was the only blue chip to head south (0.55 percent).

In total 80 stocks recorded gains, 39 suffered losses and 19 remained unchanged.

Turnover amounted to 81 million euros, up from Monday’s 78.6 million.

In Nicosia the Cyprus Stock Exchange general index was unchanged at 67.54 points.

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