ECONOMY

Stocks rebound strongly after four losing sessions

Strong blue chips led the Athens bourse 2.38 percent higher yesterday, helping the market to move away from oversold levels after sliding for four straight sessions. «The market has been in a deep sleep recently and the positive performances in Europe acted as an excuse for a mini rally,» said Costas Zareifopoulos, analyst at Pendethekas Securities. The Athens bourse’s benchmark general index ended at 2,561.67 points. Battered bank stocks gained 3.10 percent while index heavyweight National Bank rose 2.62 percent to 25.04 euros. Alpha Bank jumped 4.83 percent to 19.52 euros. Some brokers added that the possibility that the merger deal between National and Alpha could fall through has added some buying interest to the stocks. Turnover rose to 189.78 million euros from 107 million on Wednesday on 26.8 million shares traded. The FTSE/ASE-20 index of blue chips gained 2.76 percent to 1,393.09 points. The FTSE/ASE-40 index of mid-caps gained 1.92 percent and small-caps rose 2.56 percent. Winners beat losers 316 to 32 with 13 unchanged on 361 traded.(Reuters)