Greek Stocks Soar In Low Turnover
The General Index of Athens Exchange ended with minor profits for week, helped by a thin-turnover mini-rally on Friday.
Greek banking sector soared, posting gains of 5.41% at session’s high, with all of its shares in positive territory. Eurobank and Alpha Bank topped the FTSE20 index with profits of 10.79% and 7.07% at €3.80 and €3.94 respectively.
Mytilineos recorded profits of 4.87%, while Jumbo, Piraeus Bank, Hellenic Postbank, Bank of Cyprus, ATE, MIG and National Bank gained more than 4%.
Marfin Popular Bank rose by 3.80%, Ellaktor and OTE were enhanced by 2.34% and 2.30% respectively, while Coca-Cola 3E and Viohalco moved up by 1.69% and 1.01% respectively. Hellenic Petroleum, Motor Oil, Titan and PPC recorded minor profits, while OPAP declined by 0.97% at €14.27.
Market analysts consider Friday’s rise as a technical relief, while the fact that the London market remained closed, helped ASE to avoid a significant part of recent pressures.
They state that the upward movement in the last session of the week occurred on low turnover, with a large part of the market remaining inert.
Analysts also expect a gradual recovery of trading activity during the next week, possibly accompanied by increased volatility. The market is expected to focus on the Q1 financial results of domestic listed companies such as Titan (5/5), OTE, Emporiki Bank and S&B (6/5).
"We saw a small rally today on a bit of a technical bounce," a local analyst told Dow Jones Newswires. "But with sentiment still weak it΄s not clear whether that rally will hold."
Across the board, the General Index jumped up by 2.39% at 1,434.65 units, moving into positive territory throughout the trading session. Approximately 23.3 million units worth €64.99m were traded on Friday, while a total amount of 125 shares rose, 120 remained unchanged and only 37 declined.
(capital.gr)