ECONOMY

ATHEX: Piraeus Bank jump spurs most local stocks higher

athex-piraeus-bank-jump-spurs-most-local-stocks-higher

The anticipated reduction of Piraeus Bank’s capital adequacy requirements as set by the European Central Bank served on Monday to boost the bank stock that has suffered the most in recent months – and with it the rest of the bourse – although trading volume was again disappointingly low.

The Athens Exchange (ATHEX) general index closed at 647.19 points, adding 0.89 percent to Friday’s 641.48 points. The large-cap FTSE-25 index rose 0.85 percent to 1,720.21 points.

The banks index jumped 2.59 percent, mainly thanks to Piraeus’s gains of 14.04 percent. National grew 2.80 percent, Alpha climbed 2.30 percent and Eurobank was up 0.98 percent.

Among other blue chips, GEK Terna earned 3.53 percent and OTE slumped 2.27 percent.

In total 66 stocks posted gains, 29 took losses and 32 remained unchanged.

Turnover amounted to 31.8 million euros, down from last Friday’s 44.7 million.

In Nicosia the Cyprus Stock Exchange general index decreased 0.62 percent to close at 61.07 points.