Local stocks could stage a rebound

Last week the Greek bourse ended on a low, due to negative developments abroad and in anticipation of another visit by International Monetary Fund experts the following week. The anxiety sent the main index to a 15-month low, although there are some signs favoring a rebound. The Athens Exchange (ATHEX) general index closed the week last Friday at 1,484.90 points, recording a 5.43 percent drop from the previous week’s close at 1,570.22 points. Losses since the start of the year have reached 32.39 percent. The FTSE/ATHEX 20 blue-chip index has fallen to its lowest point in the last decade, at 709.20 points, due to the downward slide of National Bank, Eurobank EFG and Piraeus Bank. Observers have noted that the decline in prices is not really justified by corporate figures, but is due to fear about the country’s finances in general, suggesting a rise in prices is quite likely over the course of the new week. Unlike banks, other blue chips, such as OPAP, the Public Power Corporation, Hellenic Petroleum and Coca-Cola HBC have posted positive results that bode well for the near future. The stocks with the biggest rise last week were Klonatex (up 33.33 percent) and Druckfarben (32.35 percent), while those worst off were Elfico (down 22.22 percent) and Hellas OnLine (21.43 percent).