Year’s second half begins with healthy stock gains

Favorable reports on the local credit sector published on Tuesday by Morgan Stanley and Goldman Sachs propelled local stocks to a healthy rebound at the start of the year’s second half.

The Athens Exchange (ATHEX) general index closed at 1,228.85 points, adding 1.20 percent to Monday’s 1,214.31 points. The blue chip FTSE/ATHEX 25 expanded 1.14 percent to close at 396.52 points.

Also boosted by news regarding its upcoming absorption of subsidiary Ethniki Kefalaiou, National Bank added 2.62 percent. Folli Follie outperformed with gains of 5.67 percent, followed by Eurobank Properties (up 4.05 percent). Facing internal turmoil due to union reaction to a plan for its privatization, Public Power Corporation suffered losses of 2.57 percent.

In total 77 stocks were gainers, 43 losers and 29 non-movers.

Turnover amounted to 138.3 million euros, up from Monday’s 90.1 million.