ECONOMY

De-escalation of oil prices and success of Olympics improve investors’ sentiment

The Greek stock market rebounded last week under the positive influence of a de-escalation in oil prices, which bolstered sentiment in global markets and the successful hosting of the Olympic Games. The general index of the Athens Stock Exchange (ASE) closed on Friday 4.21 percent up from a week earlier at 2,321.19 points, the week’s high. The positive sentiment continued improving steadily throughout the week. All five trading sessions ended with gains for the blue chip FTSE/ASE-20 index, which ended 5.35 percent higher, and the FTSE/ASE 40 mid-cap index, which advanced 3.20 percent. By contrast, the FTSE/ASE-80 small-cap index declined 0.20 percent, indicating that investors on the whole continue to abstain. Most sectoral indices headed north, led by banks (6.73 percent), which was followed by holdings (5.98 percent) and construction (4.96 percent). Doubts regarding the future of the Klonatex textile group put the sector at the head of the losers list (-4.49 percent). The week’s outperforming stocks were Elbisco Holdings (31.55 percent) and Nikos Galis (20.00 percent). Crete Plastics and Hitech SNT led decliners by ending 56.43 percent and 42.24 percent lower respectively. Turnover totaled 369 million euros, representing an average daily of 74.12 million. Advancers outnumbered decliners 191 to 129, with 49 stock prices remaining unchanged. The most marketable securities were Alpha Bank and OTE Telecom.