Despite the fog hanging over the negotiations between the government and the country's creditors, investors threw caution to the wind on Wednesday and drove the Greek bourse benchmark closer to the 640-point mark. The robust performance of bank stocks pointed to traders betting on a positive outcome both for the Greek bailout review and Italy's banking crisis.
After Friday's unexpected gains, Greek stocks conceded some ground on Monday, with banks giving up the most. However, losses were contained significantly during the closing auctions, with Coca-Cola HBC, the market's biggest company by capitalization, posting a remarkable recovery in the last 15 minutes of trading.
The notable growth recorded during Tuesday's trading session, which saw the benchmark climb above the 650-point mark for a few hours, was reversed by a late selling spree in banks, although the main index still ended the session with gains. Trading volume was particularly high, mainly thanks to the MSCI index rebalancing.