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Athens Stock Exchange rallies with +6%

Athens Stock Exchange ends up on Wednesday after 5 day recess, as positive vibes from IMF report and Morgan Stanley’s opinion about Greek GGB’s keeps optimism in the domestic market.

Last week΄s 25bps cut in the ECB΄s key interest rate prompted Frankfurt΄s DAX index to climb to an all-time high and now provides support for Athens stocks.

Adding to the goods news, Greece sells EUR1.3B in 26-week T-bills with a lower yield than seen at the previous auction.

As far as corporate news is concerned, OTE closes 9% higher after posting a hefty drop in 1Q net profit but nonetheless remaining in profit despite the country΄s tough economic conditions and aggressive competition.

Elsewhere, the banking sector is buoyant, with the all listed banks up more than 20%.

On the board the General Index ends 6.6% higher at 1.043,28.

Turnover stood at 168.38 million euros. (via Capital.gr)

PS It was the IMF’s report and not the new political party named “Drachma 5 Stars”

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