Athens bucks trends abroad in volatile day

The expectation of more business deals buoyed Greek stocks against trends elsewhere in Europe, enabling them to eliminate initial losses. The Athens Exchange (ATHEX) general index was 0.34 percent higher at 5,086.92 points, after dipping as much as 0.78 percent during the session. The FTSE/ATHEX 20 blue chip index rose 0.30 percent, the FTSE/ATHEX Mid-40 advanced 0.27 percent and the FTSE/ATHEX 80 small-cap index added 0.41 percent. Piraeus Bank outperformed among blue chips, climbing 2.08 percent, Cosmote advanced 1,89 percent and Public Power Corporation ended 1.59 percent higher. All three closed at the day’s high. Titan rebounded from recent losses with a 1.77 percent rise and Eurobank ended 1.35 percent higher. OTE, Alpha Bank and Emporiki also headed north. By contrast, Postal Savings Bank tumbled 2.05 percent, Motor Oil shed 1.52 percent, and Hellenic Petroleum was 1.02 percent lower. Marfin Popular Bank, OPAP, Intralot, Hellenic Technodomiki, Coca-Cola HBC and National Bank also ended in negative territory. Turnover came to -473.62 million. Analysts said the next few sessions will show whether the Greek market is displaying an ignorance risk or some investors are simply trying to maintain current valuations, fearing agressive buyouts.

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