ATHEX: Market bets on stable new government

Traders at the Greek bourse appear to be banking on a positive outcome to the general election on September 20, with yesterday’s late gains pointing to expectations a stable government will emerge from the polls. The benchmark was up more than 3 percent one hour before the end of Tuesday’s session, although that was eventually contained to below 2 percent by the closing auctions.

The Athens Exchange (ATHEX) general index closed at 667.47 points, adding 1.85 percent to Monday’s 655.33 points. The large-cap FTSE 25 index expanded 2.36 percent to end at 195.42 points.

Banks outperformed, with their sectoral index climbing 7.52 percent. The banks index has gained a remarkable 32.72 percent in the last five sessions. Piraeus Bank grew 17.14 percent, Alpha advanced 10.40 percent and Eurobank rose 10 percent. Only four blue chips headed south, led by Folli Follie (down 2.96 percent).

In total 62 stocks recorded gains, 39 sustained losses and 15 remained unchanged.

Turnover amounted to 40.4 million euros, the highest of the last 19 sessions, up from Monday’s 16.9 million.