PPC and small-caps lead volatile rebound

Greek stocks staged a recovery yesterday, after two southbound sessions and amid a positive mood in other European markets. The rebound was marked by the outperformance of Public Power Corporation among blue chips. However, a considerable number of shares shed most or all initial gains toward the end of the session. The Athens Exchange (ATHEX) general index was 0.89 percent higher, closing at 4,859.00 points. The FTSE/ATHEX 20 blue chip index was up 0.62 percent, the FTSE/ATHEX Mid-40 gained 0.74 percent, and the FTSE/ATHEX 80 small-cap index maintained its recent vitality, advancing 1.26 percent. Public Power Corporation surged 5.26 percent to a year-high of 22.42 euros, Alpha Bank climbed 1.94 percent on strong rumors of impending developments, Coca-Cola HBC added 1.92 percent, OTE gained 1.60 percent and Postal Savings Bank advanced 1.40 percent. Eurobank, Viohalco, Emporiki Bank, Intralot, Cosmote and Motor Oil also headed north. By contrast, Hellenic Technodomiki, OPAP, Titan and banks National and Cyprus ended in negative territory, by less than 1 percent. Analysts said volatility was likely to continue today as US Fed Chairman Ben Bernanke is expected to make a statement on inflation. Turnover surged to -518.2 million, including -144.14 million in block trades.

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