ECONOMY

ATHEX: Banks lead index back up to 800 pts

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The impressive rebound by bank stocks led the benchmark at Athinon Avenue back up to within sniffing distance of 800 points, and the risers outnumbered the losers by almost three to one. After three days of decline, it was considered about time for this market recovery, as there is no obvious reason for stocks to head lower at this point.

The Athens Exchange (ATHEX) general index ended at 799.97 points, adding 1.55% to Monday’s 787.76 points. The large-cap FTSE 25 index expanded 1.70% to close at 1,910.95 points.

The banks index jumped 4.47%, with National soaring 5.04%, Alpha a close second with a 4.85% rise, Eurobank earning 4.17% and Piraeus growing 2.69%.

Most blue chips followed this path, as Viohalco advanced 4.72%, Motor Oil collected 3.29% and Hellenic Petroleum improved 2.55%, while Piraeus Port Authority gave up 1.64%.

In total 82 stocks recorded gains, 28 endured losses and 16 remained unchanged.

Turnover amounted to 54.2 million euros, up from Monday’s €30.2 million.

In Nicosia, the general index of the Cyprus Stock Exchange increased 0.19% to close at 56.69 points.