ECONOMY

ATHEX: Stocks begin the week on a high note

athex-stocks-begin-the-week-on-a-high-note

The Greek economy avoided a credit rating downgrade on Friday, as Fitch, DBRS Morningstar and Standard & Poor’s only reduced its outlook from “positive” to “stable,” which investors greeted by sending Greek stocks higher on Monday, although trading volume remained low.

The Athens Exchange (ATHEX) general index ended at 626.16 points, adding 3.26 percent to Friday’s 606.41 points. The large-cap FTSE 25 index expanded 3.49 percent to 1,505.53 points.

The banks index grew 6.02 percent, as Alpha advanced 7 percent, National improved 5.82 percent, Piraeus increased 5.56 percent and Eurobank rose 5.39 percent.

Titan Cement collected 7.67 percent, GEK Terna grabbed 5.79 percent and Coca-Cola HBC climbed 4.50 percent, while Ellaktor bucked the trend, declining 1.92 percent, and was the only blue chip to head lower.

In total 84 stocks posted gains, 22 took losses and another 22 remained unchanged.

Turnover amounted to 47.3 million euros, up from last Friday’s 45.8 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.20 percent to close at 48.76 points.