Arab Today, arab today athens stock market gains 365 after 3day loss
Last Updated : GMT 08:44:49
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Athens stock market gains 3.65% after 3-day loss

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Arab Today, arab today Athens stock market gains 3.65% after 3-day loss

The Athens market
Athens - AFP

The Athens stock market on Thursday closed with 3.65 percent gains, its first after three straight days of losses suffered since it was reopened this week following a five-week closure.

The ATHEX index closed at 666.68 points, after having lost 19.35 percent of its value since resuming business at the start of the week.

On Monday alone, the ATHEX suffered a record-setting plunge of 16.23 percent.

Banking stocks that had taken the worst of the battering -- losing some 63.81 percent in the three previous days -- rebounded with a 17.78 percent advance, with National Bank up 27.47 percent, Eurobank gaining 17.31 percent, Alpha Bank rising 11.61 percent and Piraeus Bank up 3.62 percent.

On Wednesday the ATHEX closed 2.53 percent lower in its third day of trading since the five-week shutdown, which was ordered by Greek authorities in late June as the debt-crippled nation teetered on the brink of an exit from the eurozone.

That shuttering was accompanied by an order for banks to remain closed as capital controls were imposed by the government, which was fearful of a bank run by jittery account holders. The restrictions were eased July 20.

On Wednesday Greek Prime Minister Alexis Tsipras said Athens had entered "the final stretch" of negotiations with its creditors for a huge bailout, worth up to 86 billion euros, that it is seeking in a bid to avoid defaulting on its debts and crashing out of the eurozone.

Both sides are under enormous pressure to conclude the agreement before August 20, when it is due to pay the European Central Bank 3.4 billion euros ($3.7 billion) in loans.

 

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