ATHEX: Fitch boosts bank stocks, benchmark

A Fitch Ratings statement, saying that the plans proposed in Athens for the reduction of bad loans in Greece could offer genuine hope for the credit sector’s redemption, boosted local bank stocks on Tuesday, which had a positive knock-on effect on the rest of the market too. The rise of the benchmark, accompanied by a jump in turnover, combined with the further decline in bond yields, point to a positive outlook for the Greek bourse in the short term.

The Athens Exchange (ATHEX) general index closed at 630.17 points, adding 1.76 percent to Monday’s 619.27 points. The large-cap FTSE-25 index expanded 1.48 percent to 1,676.79 points.

The banks index rebounded 4.84 percent, with Alpha ascending 6.45 percent, National climbing 4.89 percent, Eurobank growing 2.94 percent and Piraeus rising 1.94 percent.

Other gainers included Viohalco (up 4.76 percent), Fourlis (4.25 percent), GEK Terna (3.93 percent) and OTE telecom (2.90 percent). Jumbo gave up 2.14 percent.

In total 77 stocks reported gains, 19 sustained losses and 36 remained unchanged.

Turnover amounted to 61.1 million euros, up from Monday’s 28.8 million.

In Nicosia the Cyprus Stock Exchange general index declined 0.72 percent to close at 63.30 points.