ATHEX: Robust gains for the local stock market

The Greek stock market showed some early signs of having bottomed out this week, as on Thursday and mainly on Friday it staged robust gains that were based on the growth of bank stock prices after the European Central Bank rate hike and ahead of another one expected next month. It will probably amount to a further 75 basis points.

The Athens Exchange (ATHEX) general index closed at 841.91 points, adding 1.93% to Thursday’s 825.96 points. On a weekly basis it slipped 0.34%.

The large-cap FTSE-25 index expanded 2.09% to end up at 2,026.02 points and the banks index advanced 3.54% as National soared 6.37%, Piraeus climbed 4.06%, Eurobank collected 2.62% and Alpha grew 1.83%.

Among the other blue chips, OTE telecom augmented 4.48% and Motor Oil ended 4.42% higher, while Sarantis parted with 1.54%.

In total 66 stocks registered gains, 33 sustained losses and 18 remained unchanged.

Turnover amounted to 69.3 million euros, up from Thursday’s €62.2 million.

In Nicosia, the general index of the Cyprus Stock Exchange increased 1.28% to close at 74.37 points.