An­nounce­ment of midterm plan to set the course of stocks

Kathimerini English - - Business and Finance -

The pos­i­tive out­come of the gov­ern­ment’s ne­go­ti­a­tions with its in­ter­na­tional cred­i­tors saw Greek stocks end the week with much-needed gains, al­though the main in­dex has not man­aged three con­sec­u­tive ris­ing ses­sions since mid-March.

The Athens Ex­change (ATHEX) gen­eral in­dex ended on Fri­day at 1,333.66 points, adding 5.43 per­cent to the pre­vi­ous week’s close, mostly thanks to the 56-point rise (up by 4.42 per­cent) reg­is­tered on Fri­day.

Ob­servers agree that the per­for­mance of bank stocks will be key in de­cid­ing which direc­tion the mar­ket takes in the new week, with most eyes on Na­tional Bank, which has been show­ing signs of a re­bound af­ter its cap­i­tal­iza­tion climbed back above the 5-bil­lion-euro mark. This was fu­eled on Fri­day by ru­mors of a pos­si­ble merger pro­posal to Hel­lenic Post­bank.

On Fri­day alone the sec­toral in­dex of banks gained 8.8 per­cent, point­ing to the fact that what­ever hap­pens on the fis­cal front has a di­rect im­pact on bank­ing stocks.

The mar­ket is now await­ing the of­fi­cial an­nounce­ment of and then the vote on the midterm fis­cal plan to as­sess the prospects for pri­va­ti­za­tions and the pos­si­bil­ity of merg­ers. This is ex­pected to trig­ger more bourse ac­tiv­ity, build­ing on the com­par­a­tive rise in turnover seen last week.

Marfin In­vest­ment Group had the big­gest weekly gains (up 34.62 per­cent), while In­tralot was the the worst off among the losers (down 26.07 per­cent).

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