ATHEX: Local stocks cash in on Fed rate cut

Wednesday’s rate cut by the Fed predictably benefitted European stock markets too, though Greece’s did not follow the upward path at the same pace on Thursday. Nevertheless, it did register gains, on increased turnover too, but traders are still waiting for a domestic catalyst that will give Athinon Avenue the boost it requires to see its benchmark return to the vicinity of 1,500 points.

The Athens Exchange (ATHEX) general index closed at 1,428.39 points, adding 0.63% to Wednesday’s 1,419.50 points. The large-cap FTSE-25 index expanded 0.71%, ending at 3,463.86 points.

The banks index grew 0.57%, as Alpha earned 1.50%, Eurobank grabbed 1.12% and Piraeus fetched 0.71%, while National gave up 0.49%.

Lamda Development jumped 3.31%, Metlen climbed 1.87%, OTE telecom augmented 1.65% and Viohalco increased 1.45%, just as Public Power Corporation declined 3.11%.

In total 60 stocks collected gains, 26 sustained losses and 31 remained unchanged.

Turnover amounted to 125.3 million euros, up from Wednesday’s €68.9 million.

In Nicosia, the general index of the Cyprus Stock Exchange stayed put at 182.71 points.