Greek banks soar on Monday with gains of up to 7.45%, while the General Index climbs by 60 units in a very heavy turnover, in the wake of the resolutions of the European Summit in Brussels.
European leaders decided on Saturday on the extension of repayment period of Greek bailout loan, and the strengthening of European Financial Stability Facility and its ability to buy bonds in the primary market, while the Greek government bond spreads narrow by more than 30 basis points.
Analysts note that the decisions of the EU Summit is a long-awaited positive catalyst and helps ASE to differentiate from the trends of European exchanges, as overall decisions benefit Greece since they give time to implement the necessary fiscal policies that could lead to lowering its currently excessive debt.
At the same time, the investors’ interest focuses on the meeting of the Governing Board of the International Monetary Fund, which is expected to approve formally the release of the fourth tranche of the loan to Greece.
Additionally, the sentiment is getting better after JPMorgan upgraded its recommendation on European banks to “overweight”, "while the need for significant fiscal consolidation in periphery remains, one of the risks that were hurting sentiment is easing”.
Across the board, the General Index is at 1642.12 units, up 3.87% in a turnover of EUR 86mn. A total amount of 90 shares rise, 16 decline and 10 remain unchanged.
Banks are currently at 1400.51, up 5.6%. Hellenic Postbank and ATEBank stand out with profits of 8.8% and 7.69%, while Piraeus Bank, Eurobank, National Bank and Proton Bank climb by more than 6%. Marfin Popular, Bank of Cyprus and Alpha Bank gain 5.49%, 4.35% and 3.86% respectively.
European leaders decided on Saturday on the extension of repayment period of Greek bailout loan, and the strengthening of European Financial Stability Facility and its ability to buy bonds in the primary market, while the Greek government bond spreads narrow by more than 30 basis points.
Analysts note that the decisions of the EU Summit is a long-awaited positive catalyst and helps ASE to differentiate from the trends of European exchanges, as overall decisions benefit Greece since they give time to implement the necessary fiscal policies that could lead to lowering its currently excessive debt.
At the same time, the investors’ interest focuses on the meeting of the Governing Board of the International Monetary Fund, which is expected to approve formally the release of the fourth tranche of the loan to Greece.
Additionally, the sentiment is getting better after JPMorgan upgraded its recommendation on European banks to “overweight”, "while the need for significant fiscal consolidation in periphery remains, one of the risks that were hurting sentiment is easing”.
Across the board, the General Index is at 1642.12 units, up 3.87% in a turnover of EUR 86mn. A total amount of 90 shares rise, 16 decline and 10 remain unchanged.
Banks are currently at 1400.51, up 5.6%. Hellenic Postbank and ATEBank stand out with profits of 8.8% and 7.69%, while Piraeus Bank, Eurobank, National Bank and Proton Bank climb by more than 6%. Marfin Popular, Bank of Cyprus and Alpha Bank gain 5.49%, 4.35% and 3.86% respectively.
