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Athens Stocks Driven By Political Developments
Recent political developments in Greece dictated the course of Athens market, which recorded extreme fluctuations and increased trading activity.
The meeting of Greek PM G.Papandreou and FinMin E.Venizelos with Eurozone leaders in Cannes last night caused nervousness in the Greek market, forcing the General Index and banks to early losses of 2% and 6.1% respectively at the opening.
Nervousness was intensified in both domestic and international markets, after European officials spoke openly of a possible Greek exit from the euro.
But rapid developments in the ranks of PASOK ruling party changed the picture across the board, after information indicated that George Papandreou was willing to call of the referendum.
The prospect of forming a interim coalition government enhanced the upward reaction, after major opposition party leader Antonis Samaras said that a coalition government would validate the decisions of the EU Summit.
Moreover, a surprising ECB decision on lowering interest rates also supported the rise.
Market analysts expect volatility to remain in tomorrow’s session, while political developments would be the only catalyst.
On the board, the General Index closed at 759.5 units with a rise of 1.86%. Intraday profits reached 5.07% at 783.47 units.
Banks’ fluctuations exceeded 22%. After early losses of 6.1%, banks posted intraday gains of 16.04%, but finally ended at 321.43 units, up 8.68%.
Hellenic Postbank, Eurobank and Alpha Bank topped FTSE20 index, with profits of 16.88%, 16.48% and 15.18% respectively. National Bank and Piraeus Bank posted double-digit gains of 11.11% and 10.28% respectively.
ELPE and Titan rose by 5.78% and 5.02%, while MIG and Mytilineos gained 4.87% and 4.36% respectively. Marfin Popular Bank, Viohalco, PPC, Folli Follie, Motor Oil and Jumbo posted smaller profits.
On the other hand, OPAP lost 3.69%, while Coca Cola 3E and Ellaktor declined by 2.08% and 1.47% respectively.
(capital.gr)
Recent political developments in Greece dictated the course of Athens market, which recorded extreme fluctuations and increased trading activity.
The meeting of Greek PM G.Papandreou and FinMin E.Venizelos with Eurozone leaders in Cannes last night caused nervousness in the Greek market, forcing the General Index and banks to early losses of 2% and 6.1% respectively at the opening.
Nervousness was intensified in both domestic and international markets, after European officials spoke openly of a possible Greek exit from the euro.
But rapid developments in the ranks of PASOK ruling party changed the picture across the board, after information indicated that George Papandreou was willing to call of the referendum.
The prospect of forming a interim coalition government enhanced the upward reaction, after major opposition party leader Antonis Samaras said that a coalition government would validate the decisions of the EU Summit.
Moreover, a surprising ECB decision on lowering interest rates also supported the rise.
Market analysts expect volatility to remain in tomorrow’s session, while political developments would be the only catalyst.
On the board, the General Index closed at 759.5 units with a rise of 1.86%. Intraday profits reached 5.07% at 783.47 units.
Banks’ fluctuations exceeded 22%. After early losses of 6.1%, banks posted intraday gains of 16.04%, but finally ended at 321.43 units, up 8.68%.
Hellenic Postbank, Eurobank and Alpha Bank topped FTSE20 index, with profits of 16.88%, 16.48% and 15.18% respectively. National Bank and Piraeus Bank posted double-digit gains of 11.11% and 10.28% respectively.
ELPE and Titan rose by 5.78% and 5.02%, while MIG and Mytilineos gained 4.87% and 4.36% respectively. Marfin Popular Bank, Viohalco, PPC, Folli Follie, Motor Oil and Jumbo posted smaller profits.
On the other hand, OPAP lost 3.69%, while Coca Cola 3E and Ellaktor declined by 2.08% and 1.47% respectively.
(capital.gr)
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