Stocks rebound on deal rumors

Strong rumors about the imminent activation of the European Union mechanism of support to Greece swung Greek stocks upward on Friday, allowing them to post a significant rebound after a few days of losses. A downgrade by Fitch came after the close of the market. The Athens Exchange (ATHEX) general index closed at 1,991.22 points yesterday, expanding by 3.40 percent from Thursday’s close at 1,925.82 points. The blue chip FTSE/ATHEX 20 index grew by 4.59 percent to end at 985.26 points. Bank stocks in particular enjoyed a healthy rise, with their sectoral index rising by 7.14 percent. National Bank posted gains of 8.08 percent, followed by Alpha Bank (up 8.02 percent), Piraeus Bank (7.27 percent) and EFG Eurobank (7.19 percent). Turnover amounted to 242.8 million euros.

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