Greek stocks rebound, gain 1.98%
The Athens Stock Exchange rebounded Tuesday from Monday’s disastrous session, but, although it clearly outperformed the main European markets, it only regained a fraction of Monday’s 6.27% loss.
The general index closed at 1,367.78, up 1.98% on a still high turnover of €161.78 million. Blue chips gained 2.24% and mid-caps 1.57%. Banks gained 1.88%.
Among blue chips, PPC and OTE Telecom gained over 5%, while Metlen and Motor Oil gained over 4%. Only Jumbo ended with losses (-0.43%).
The big selloff across the globe took investors by surprise, who were not prepared for the massive losses, said Dimitris Tzanas of brokers Kyklos. The Greek stock market inevitably followed, as 70% of transactions are made by foreign investors. Given the market’s shallowness, Monday’s losses, which outpaced European markets, were not surprising, he added.
Tzanas said that, although the ATHEX’s prospects remain good, it will take some time for the general index to regain the 1,400-point level. The possibility of more losses cannot be discounted and will depend on whether we see more black swan events in a climate of continuing uncertainty.
