ATHEX: Bank stocks recover from US shock

The Greek banking sector reacted to the huge external pressure from the closure of two lenders in the United States, as its index on the Athens Stock Exchange rebounded from a decline of almost 5% on Monday to end the session with gains of approximately 1% – even if the rest of the market failed to follow suit.

The realization that the eurozone has minimal exposure to Silicon Valley Bank and Signature Bank worked in the bank stocks’ favor in the end.

The Athens Exchange (ATHEX) general index closed at 1,049.55 points, shedding 0.64% from Friday’s 1,056.25 points. 

The large-cap FTSE-25 index contracted 0.63% to end at 2,548.19 points.

However, the banks index rebounded 0.97%, on National advancing 3.73% and Piraeus earning 0.71%, while Eurobank parted with 0.27% and Alpha slipped 0.04%.

In total 22 stcoks posted gains, 89 suffered losses and 18 remained unchanged.

The day’s rollercoaster ride helped turnover grow to 152 million euros, from last Friday’s €113.3 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 2.98% to close at 106.64 points.