ECONOMY

Positive mood inches back

Greek stocks rode on the return of upbeat sentiment in other foreign markets on Thursday and closed the week by recouping the losses of the previous three sessions. The Athens Stock Exchange general index was up 3.07 percent higher on Friday than a week earlier, at 3,693.75 points, the third week of gains in a row from the lows of 3,360 points. The dynamic recovery abroad and the completion of heavyweight National Bank’s 3-billion-euro rights issue on the whole appeared to soothe the market. The bank staged a spectacular recovery with gains of 8.81 percent on Friday. The blue-chip FTSE/Athex 20 index gained 3.34 percent, the FTSE/Athex Mid 40 was up 3 percent and the FTSE/Athex Small Cap 80 surged 4.24 percent. Raw materials led sectoral indices with gains of 8.64 percent for the week, followed by travel & leisure and technology, both up 4.77 percent. Among individual stocks, Technical Publications stole the show, with weekly gains of 53.06 percent as Liberis Publications acquired a large stake. Turnover totaled 1,489.77 million, a daily average of 297.95 million, down slightly from last week. The markets technical analysis has improved significantly as supply is absorbed on even low turnover. Analysts take the view that the year’s battle will be fought around 3,750 points, considered the next resistance level. Nevertheless, sentiment remains volatile and more time is seen as necessary to consolidate the positive outlook. Given that last week was the end of the second quarter, when investors are seeking to improve portfolio valuations, the trend that will prevail is expected to become clearer over the next few sessions.