ADMIE

The electric power transmission system of Southeastern Europe experienced disruption on Friday afternoon, the Independent Power Transmission Operator (ADMIE) said, cutting it off from the Continental Europe Synchronous Area. 

Greece was not affected, ADMIE stated, while the cause of the incident at 3.05 p.m. (Greek time) was unknown.

The 10-year development program of the Independent Power Transmission Operator (ADMIE) contains projects budgeted at 4.1 billion euros.

The Greek stock market reversed its morning losses to end the day with some gains in the face of a mixed picture in European markets due to the Brexit-related turbulence. Foreign portfolios continue to take an interest in local stocks - after the net inflow of 14.7 million euros last month - with blue chips rebounding and trading volume topping €150 million.

The power market's new operating model has led to serious collateral damage in Public Power Corporation's hydroelectric reserves that may affect the water supply of Thessaloniki in northern Greece next summer.

The international buying spree that on Tuesday took the Dow Jones over 30,000 points in New York contributed to the Greek bourse's main index holding its ground and putting some distance between it and the 700-point mark, despite the profit-taking recorded by most bank stocks.

Bank stocks continued their advance on Tuesday, while investor attention was focused on the benchmark bond issue, but non-banking stocks dragged the main index lower at the start of this four-day trading week at Athinon Avenue.

The benchmark of the Greek stock market now has the 700-point level in its sights after its sixth day of gains in seven sessions. Construction blue chips led the way this time.

The Athens Exchange (ATHEX) general index ended at 658.35 points, adding 0.88% to Friday's 652.58 points. The large-cap FTSE 25 index expanded 0.52% to 1,579.70 points, while mid-caps contracted 0.25%.

Early profit-taking at Athinon Avenue gave way to a fresh wave of buying later on Thursday - although banks appeared to have fallen out of favor - taking the benchmark higher for the fifth session in a row. The market is now confidently looking toward more growth, boosted also by the significant increase in daily trading volumes.

Despite the hour-long interruption to Tuesday's trading session due to a technical failure, bank stocks staged an impressive rebound of more than 12%, taking the benchmark at Athinon Avenue to fresh gains. The international climate continues to improve as hopes for a coronavirus vaccine keep growing, helping turnover in the local market to recover.

The government has opened the way for the further privatization of the Independent Power Transmission Operator (ADMIE) through a legislative adjustment to the environmental framework, though the process itself will not start before this fall.