Banks at head of stock surge
Sharp fluctuations continued on the Greek bourse yesterday, with stocks suddenly making huge gains, far above the performance of most other European markets. Analysts suggested the surge was a technical response to recent losses. The Athens Exchange (ATHEX) closed at 3,332.10 points, a massive 5.61 percent higher than on Wednesday. The blue chip FTSE/ATHEX 20 index rose by 0.51 percent to 1,815.48 points. Leading the market was National Bank, which posted its biggest ever daily rise of 12.41 percent, beating the record it had set in 2000 (11.67 percent). Banks generally had a great day, with EFG Eurobank rising by 8.57 percent, Piraeus by 8.49 percent and Alpha by 7.98 percent. Small-caps had a more moderate rise, with their index (FTSE/ATHEX 80) gaining 1.97 percent. Turnover reached 359.1 million euros.
