ATHEX: Benchmark rebounds by over 4 pct

The main index at the Greek bourse rebounded from a five-month low on Monday with the biggest daily increase in five months on Tuesday, in an unexpected buying spree by investors who obviously thought the local market has been underpriced after the decline of the last seven weeks. The encouraging signs of the high turnover and the jump by bank stocks may point to a sustained recovery instead of a one-off reaction.

The Athens Exchange (ATHEX) general index closed at 1,157.85 points, adding 4.19% to Monday’s 1,111.29 points. The large-cap FTSE-25 index expanded 4.80% to end at 2,836.99 points.

The banks index soared 6.81%, as Eurobank earned 7.58%, Piraeus grew 7.46%, National bagged 6.75% and Alpha rose 5.33%. Cenergy Holdings jumped 10.71%, Mytilineos collected 8.06%, Viohalco improved 6.19% and Public Power Corporation advanced 6.07%.

In total 91 stocks recorded gains, 10 endured losses and 16 remained unchanged.

Turnover amounted to 119.4 million euros, down from Monday’s €204.1 million.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 0.21% to close at 128.47 points.