Low turnover leaves rebound unconvincing

Greek stocks rebounded yesterday after the worst slump in two months on Monday but caution was evident in investors’ calculations. This is expected to continue in the short term, or for at least as long as geopolitical anxieties do not subside. The Athens Stock Exchange (ASE) general index added 1.32 percent, closing at 3,553.09 points. All capitalizations gained; the blue chip FTSE/ASE 20 index gained 1.16 percent, the FTSE/ASE Mid-40 was up 1.30 percent and the FTSE/ASE Small-Cap 80 advanced 1.41 percent. All but one of the sectoral indices (financial services) headed north. Travel and leisure, food and beverages, raw materials and chemicals registered the largest gains. Banks were up 0.99 percent. Among blue chips, ATEbank and gaming firm OPAP led with gains of more than 3 percent; Viohalco recovered the lesser part (2.12 percent) of its heavy losses on Monday, while Coca-Cola HBC and Motor Oil also gained more than 2 percent. National Bank, Public Power Corporation, Hellenic Petroleum, Hellenic Technodomiki, OTE, Alpha Bank, Eurobank, Piraeus Bank, Germanos, Hyatt, Intracom and Folli Follie also ended in positive territory. In contrast, Duty Free Shops shed 1.64 percent and Emporiki Bank 0.54 percent. Turnover totaled 184.05 million euros.