Blue chips rebound after three days of losses

Greek stocks gained for the first time in four days, led by blue chips and helped by a general recovery in Europe after the European Central Bank’s decision to add a record $500 billion to the financial system to break the gridlock in credit markets. The Athens Exchange (ATHEX) benchmark index added 1 percent, to 5,020.19 points as 28 of its 60 constituent stocks advanced, 21 declined and 11 were unchanged. The measure lost 3.7 percent in the previous three days, limiting this year’s gains so far to 14 percent. The FTSE/ATHEX 20 index of the country’s largest companies climbed 1.3 percent to 2,643.13. The mid-cap and small-cap indices added 0.22 percent and 0.25 percent respectively. Marfin Investment Group surged 4.74 percent, Hellenic Technodomiki climbed 4.36 percent, Motor Oil advanced 3.21 percent, Coca-Cola HBC added 2.86 percent and Eurobank was 2.77 percent higher, ending three days of declines. Piraeus Bank was the only blue chip to head south, shedding 1.20 percent. Public Power Corporation advanced 1.8 percent. The company said it will discuss tomorrow a plan to build two power plants in cooperation with Germany’s RWE AG. The Cypriot General Index rose 1.4 percent to 4,625.82. (Kathimerini, Bloomberg)

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