ECONOMY

ASE shines after the storm, led by banks

Greek shares rebounded with a vengeance after recent heavy losses yesterday, tracking a resurgence in major European and emerging markets. The Athens Stock Exchange (ASE) general index shot up 173 points, or 5.10 percent, closing at 3,551.60, the session’s high. Analysts said expectations are growing of more deals in the banking sector after Credit Agricole’s bid for Emporiki on Monday and Piraeus Bank’s acquisition of 2 percent in the Bank of Cyprus. They cautioned however that the rebound was technical as the climate remains volatile globally. All sectoral indices headed north, led by insurance with 11.65 percent, followed by raw materials with 8.54 percent. Banks climbed 6.80 percent. With gains across the board, the blue chip FTSE/ASE 20 surged 5.38 percent, the FTSE/ASE Mid-40 5.66 percent, and the FTSE/ASE Small-Cap 80 7.52 percent. Banks Piraeus and National powered 9.86 percent and 9.51 percent higher, Intracom climbed 8.10 percent, Alpha Bank advanced 6.90 percent, Viohalco added 6.80 percent, ATEbank won 5.29 percent, Hellenic Petroleum gained 5.03 percent and Titan was 4,78 percent higher. Turnover reached 317.56 million euros.