Greek stocks ended sharply higher in the Athens Stock Exchange on Tuesday

Greek stocks ended sharply higher in the Athens Stock Exchange on Tuesday, extending their rally for the fifth successive session and pushing the composite index above the 630-point level, erasing all the losses suffered since the start of the year.

The index is up 9.17 pct in the last five sessions, while the bank index is up 31.18 pct over the same period, with the market’s capitalisation rising 3.7 billion euros. Bank shares remained at the epicentre of buying interest after a Moody’s decision to revise Greek banks’ outlook to stable from negative.

The composite index of the market rose 2.5 pct to end at 631.21 points, the highest closing since June 9, 2016. The Large Cap index ended 3.25 pct higher and the Mid Cap index rose 0.53 pct. Turnover was a strong 85.218 million euros in volume of 159,454,434 shares.

Piraeus Bank (11.11 pct), National Bank (8.61 pct) and PPC (7.84 pct) were top gainers, while Ellaktor (2.46 pct) and OTE (0.71 pct) suffered losses. Among market sectors, Banks (7.16 pct), Oil (5.37 pct) and Utilities (4.07 pct) scored big gains, while Telecoms (0.71 pct) was the only sector to end lower. National Bank and Piraeus Bank were the most heavily traded securities of the day. Broadly, advancers led decliners by 72 to 43 with another 18 issues unchanged. Moda Bagno (28.77 pct), Boutaris (20 pct) and Chatzikraniotis (19.23 pct) were top gainers, while Pasal (20 pct), Trastor (19.72 pct) and Vioter (17.31 pct) were top losers.

ADEX closing report

The December contract on the FTSE/ASE Large Cap index was trading at a discount of 0.09 pct in the Athens Derivatives Exchange on Tuesday. Volume on the Big Cap index totaled 4,009 contracts with 8,700 open positions in the market. Volume in futures contracts on equities totaled 143,344 contracts with investment interest focusing on National Bank’s contracts (62,083), followed by Alpha Bank (12,602), Piraeus Bank (42,608), Eurobank (18,985), MIG (2,070), OTE (1,000), PPC (1,222), OPAP (424), Mytilineos (1,073), Hellenic Petroleum (227), Metka (136), GEK Terna (146), Ellaktor (182), Folli Follie (162), Intralot (132).

Greek bond market closing report

The yield spread between the 10-year Greek and German benchmark bonds shrank further to 6.73 pct in the domestic electronic secondary bond market on Tuesday, from 6.82 pct the previous day, with the Greek bond yielding 6.97 pct (7.09 pct on Monday) and the German Bund yielding 0.24 pct. Turnover was a thin 2.0 million euros.

In interbank markets, interest rates were largely unchanged. The 12-month rate was -0.079 pct, the nine-month rate fell to -0.139 pct from -0.135 pct, the six-month rate fell to -0.22 pct from -0.217 pct, the three-month rate rose to -0.313 pct from -0.316 pct and the one-month rate was -0.373 pct.