"Forgetting" bankruptcy leads to Stock Exchange liftoff!

Excesses in banking shares and a high turnover occurred in the ASE on Tuesday, as a result of the news about a new loan to Greece.

The scare which peaked last week, with the Prime Minister’s and Finance Minister’s statements on the stoppage of payments and Damanakis’ warnings about returning to the drachma, hurting the ASE and forcing it to sink to the lowest levels in the last 15 years, looks like a distant memory, while anyone who had bought in recent days made big bucks today!

The steep upward trend after last Friday’s foundering raises valid concerns.

Excesses were not avoided in banking shares, posing major concerns for the future, since in the past high yields were followed by further sell-offs.

The market reached a growth of up to 4% and later on jumped to record profits of 10.06%.

The turnover was increased with a total trade value of 160.9 million, of which 25 was pre-agreed packages, many of which were linked to OPAP shares.

The Index reached 1309.46 units, recording a 5.58% profit.

The National Bank closed at 4.90 euros, marking a 10.6% rise, a first after a considerable amount of time.

Eurobank rose by 10.8%, the Bank of Cyprus by 17.3%, MIG by 14.29% and Mitilinaios by 9.1%.

Alpha Bank and Postbank rose by 8.5%.

OTE and Piraeus Bank showed profits of over 5%.