ATHEX: Stock index seems to have bottomed out

For a third day in a row the main index of the Greek stock market recorded losses on Thursday, but the defense line at the 1,400-point level held and it appears prices at Athinon Avenue are about to rebound on Friday as things stand. The local market appears oversold in the short term and a rebound now seems to be due, assisted by several corporate developments as well.

The Athens Exchange (ATHEX) general index closed at 1,400.43 points, shedding 0.41% from Wednesday's 1,406.24 points. The large-cap FTSE-25 index contracted 0.42%, ending at 3,391.18 points.

Nevertheless, the banks index advanced 0.24%, as National earned 2.25% and Piraeus improved 1.31%, while Eurobank gave up 1.68% and Alpha declined 0.24%, though this was before the announcement by Moody's that the latter is returning to investment grade after 14 years.

In total 45 stocks reported gains, 54...