ECONOMY

‘Sell in May and go away’ fails the 2007 test

In line with other European bourses, the bulls were back in thick trade in Greece yesterday, after two days of jitters worldwide caused by China’s decision to triple taxes on stock market transactions. The Athens Exchange (ATHEX) general index rose to a new seven-year high, adding 1.17 percent to close at 4,972.19 points. Heavyweight banks and financial service stocks showed special vigor, their sectoral indices gaining 1.76 percent and 3.61 percent respectively. The FTSE/ATHEX 20 blue chip index was up 1.49 percent, the FTSE/ATHEX Mid-40 gained 0.68 percent to 6,260.25 points, and the FTSE/ATHEX 80 small-cap index continued its recent hefty gains, ending 1.42 percent higher. National Bank was among the prominent bulls, climbing 2.26 percent to a new historic high of -44.38, while reports raised its target price to -51. Piraeus Bank surged 3.65 percent and ATEbank advanced 2.04 percent. Public Power Corporation added 2.02 percent and Motor Oil 1.94 percent. Alpha Bank, Intralot, Bank of Cyprus, OPAP, OTE and Titan also headed decisively north. By contrast, the only blue chips to decline, Viohalco and Hellenic Technodomiki, shed 1.70 percent and 1.39 percent respectively. Turnover totaled -639.76 million, including -79.83 million in block trades.

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