ECONOMY

Rebound led by banks spreads across board

Greek share prices recovered after three straight days of losses yesterday on the back of a strong rebound by heavyweight banks and a positive climate in markets elsewhere in Europe. The Athens Stock Exchange (ASE) general index advanced 1.85 percent to close at 3,582.58 points. Gains were spread across the board. The blue chip FTSE/ASE 20 index added 2.03 percent; the FTSE/ASE Mid-40 was 1.39 percent higher and the FTSE/ASE Small-Cap 80 gained 1.84 percent. All but two of sectoral indices (media and chemicals, with small losses) headed north, led by raw materials (3.87 percent) and insurance (2.71 percent). Banks were up 2.16 percent. Among blue chips, OPAP climbed 2.99 percent, Motor Oil advanced 2.70 percent, ATEbank added 2.65 percent, OTE was 2.40 percent higher, Viohalco gained 2.30 percent and Titan advanced 2.18 percent. In contrast, Duty Free Shops lost 1.02 percent after recent steep gains, Emporiki Bank was 0.30 percent down, Hyatt slipped 0.18 percent and Public Power Corporation shed 0.11 percent. Turnover remained at rather low levels, totaling 286.42 million euros, of which 124.6 million was accounted for by the four most marketable shares, banks National, Piraeus and Cyprus, and OPAP.