ATHEX: Credit stocks reverse early gains

Traders who put their money in bank stocks early during Tuesday’s session were none too happy by the end of the session as the morning gains turned to afternoon losses of 6.96 percent for the banks index, in spite of the significant growth chalked up by most other blue chips at Athinon Avenue. That rise came largely thanks to the successful completion of the talks between the government and its creditors.

The Athens Exchange (ATHEX) general index closed at 657.88 points, adding 2.18 percent to Monday’s 643.85 points. The large-cap FTSE 25 index expanded 2.32 percent to end at 196.15 points, but mid-caps declined 0.81 percent.

Piraeus Bank gave up 12.20 percent, Eurobank slumped 11.11 percent and National Bank lost 7.56 percent. Hellenic Exchanges outperformed, rising 6.85 percent, followed by Viohalco (up 6.50 percent) and Grivalia Properties (5.67 percent).

In total 47 stocks reported gains, 45 sustained losses and 13 ended unchanged.

Turnover amounted to 54 million euros, up from last Monday’s 41.2 million.