ECONOMY

Unconvincing rebound, mid-caps gain 2.45 pct

The recovery of European markets yesterday spilled over onto Greek stocks, which rebounded after four straight falling sessions during which the Athens Stock Exchange (ASE) general index lost 5.87 percent. Yesterday, it regained 1.55 percent, closing at 3,529.24 points. Nevertheless, analysts found the recovery unconvincing, noting the decline in turnover to 274.96 million euros. Mid-caps outperformed, with the FTSE/ASE Mid-40 index adding 2.45 percent. The blue chip FTSE/ASE 20 recovered 1.29 percent and the FTSE/ASE Small-Cap 80 finished 1.61 percent higher. All sectoral indices headed north, led by personal and household goods, which advanced 2.55 percent, and raw materials with 2.49 percent. Hyatt was the only blue chip that closed lower. Duty Free Shops outperformed, advancing 3.51 percent, followed by Cosmote with 2.94 percent. Emporiki Bank advanced 2.81 percent, Folli Follie gained 2.35 percent, Viohalco 2.35 percent, Coca-Cola HBC added another 2.33 percent, and heavyweights OTE telecom and National Bank were 1.85 percent and 1.60 percent higher respectively. The most marketable securities were National Bank, OPAP, OTE and banks Alpha and Piraeus.