Re­bound is not ex­pected to last long on the lo­cal bourse

Kathimerini English - - Business & Finance -

The Greek bourse ended last week on a high but it is not ex­pected to con­tinue in an up­ward direc­tion given the lack of con­fi­dence in the lo­cal econ­omy and debt-re­struc­tur­ing sce­nar­ios.

The Athens Ex­change (ATHEX) gen­eral in­dex closed on Fri­day at 1,434.65 points, gain­ing 2.39 per­cent on Thurs­day’s clos­ing, and just 0.23 from the end of the pre­vi­ous week. The blue-chip ATHEX/FTSE 20 in­dex gained 3.11 per­cent from Thurs­day, to start the new week at 649.13 points.

An­a­lysts see a re­ac­tion by bank stocks to their de­cline to new year-lows, but the turnover is too small to lead to safe con­clu­sions.

On Fri­day banks led the way among blue chips, with Eurobank adding a con­sid­er­able 10.79 per­cent and Al­pha Bank gain­ing 7.07 per­cent. Myti­li­neos rose by 4.87 per­cent, Jumbo jumped 4.81 per­cent, Pi­raeus grew by 4.76 per­cent, Hel­lenic Post­bank ex­panded by 4.69 per­cent and Bank of Cyprus climbed by 4.68 per­cent.

Na­tional Bank closed at 5.24 eu­ros, with daily gains of 4.18 per­cent from its year-low of 5.03 eu­ros on Thurs­day.

The only blue chip to suf­fer losses on Fri­day was OPAP (down 0.97 per­cent).

Turnover came to just 64.7 mil­lion eu­ros on Fri­day, il­lus­trat­ing the wait­ing stance that ma­jor in­vestors are main­tain­ing.

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