ATHEX: Banks index jumps 9.5 percent

Buying interest in Greek banks on the Athens Exchange (ATHEX) picked up on Wednesday as the pressure on European markets eased, allowing for a technical recovery of local credit stocks after they slumped to a new 32-month low on Tuesday. Whether this price jump was a reaction to the recent overselling in the sector or points to renewed confidence in domestic lenders will be seen in the coming days.

The ATHEX general index ended at 632.56 points, adding 2.11 percent to Tuesday’s 619.47 points. The large-cap FTSE-25 index expanded 2.21 percent to 1,669.48 points, but the small-cap index contracted 0.48 percent.

The banks index rebounded by 9.45 percent, with Piraeus soaring 12.71 percent, Alpha climbing 9.73 percent, Eurobank rising 9.27 percent and National growing 7.86 percent. Among other blue chips, Sarantis leapt 8.96 percent and Motor Oil tumbled 4.44 percent.

In total 65 stocks posted gains, 34 suffered losses and 24 closed unchanged.

Turnover amounted to 45.4 million euros, up from Tuesday’s 28 million.

In Nicosia the Cyprus Stock Exchange general index declined 0.34 percent to close at 67.28 percent.