Bulls keep a brisk run

The Athens Stock Exchange (ASE) general index closed Friday at 3,889.33 points, a gain of 121.42 points or 3.22 percent on the week, lifting the total gain over the year’s first two weeks to 6.15 percent. It was the eighth consecutive northbound session, despite a correction in other European markets after 4.5-year highs. The ASE recorded a new 62-month high at 3,905 points in intra-session trading on Wednesday and digested all profit-taking tendencies during the week. Turnover more than doubled to a record 2.29 billion euros, an average of 458.32 million euros per session, up from 260.99 million in the previous, four-session week. Much of the profit-taking seemed to reflect the restructuring of positions and redirected placements on stocks that had failed to follow the bull market. All capitalizations gained. The blue chip FTSE/ASE-20 index finished 3.07 percent, while the mid- and small-cap indices added 2.72 and 2.96 percent respectively. Analysts believe that the increasing turnover points to strong growth potential for the index, and that the 3,840-point level now appears to provide firm support. The next strong resistance levels are now seen at 4,250 and 4,450 points. Gaming firm OPAP topped the list of the most heavily traded shares, with an average turnover of 63.24 million euros per session. It was trailed by National Bank (38.68 million), Alpha Bank (37.01 million), OTE telecom (34.67 million) and EFG Eurobank (31.24 million).

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