ATHEX: Banks soar, taking index to 7-month high point

Bank stocks jumped almost 8 percent on Monday to take the benchmark of the Greek bourse to a new seven-month high – on notable turnover too. Traders appear to be buying into the prospects of a green light from Friday’s Eurogroup for the 1-billion-euro tranche to Athens and of a Standard & Poor’s rating upgrade later this month.

The Athens Exchange (ATHEX) general index ended at 741.01 points, adding 2.72 percent to Friday’s 721.37 points. The large-cap FTSE-25 index expanded 2.09 percent to 1,918.77 points.

The banks index grew 7.79 percent, with Piraeus soaring 16.26 percent, National grabbing 12.47 percent, Alpha earning 7.62 percent and Eurobank climbing 2.54 percent. Hellenic Exchanges rose 4.90 percent and PPC improved 4.84 percent.

In total 83 stocks posted gains, 21 had losses and 29 stayed put.

Turnover amounted to 76.6 million euros, up from Friday’s 72.4 million.

In Nicosia the Cyprus Stock Exchange remained closed on Monday due to a national holiday.