Greek stocks soar to new 34-month highs

Greek stocks ended strongly higher in the Athens Stock Exchange on Monday, after a three-day decline in the previous week which pushed the market 3.05 pct lower.

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The composite index of the market jumped 3.50 pct to end at 1,365.09 points, its highest closing in the last 34 months. The index is up 17.41 pct so far this year.

Traders said buying activity focused on bank shares after news that the troika approved Eurobank's share capital increase plan, paving the way for a successful outcome in negotiations with the troika and the disbursement of a loan next month. Press reports that Standard & Poor's was expected to release a positive report on the Greek economy on Friday, also helped sentiment in the market according to ANA-MPA

Turnover was a strong 110.23 million euros. The Large Cap index jumped 3.81 pct and the Mid Cap index ended 3.14 pct higher. All blue chip stocks ended higher led by Titan (7.83 pct), GEK Terna (6.44 pct), National Bank (6.56 pct), Eurobank Properties (6.03 pct), Piraeus Bank (4.69 pct) and Ellaktor (4.36 pct). All sectors gained ground, with Construction (6.46 pct), Real Estate (5.78 pct) and Banks (5.18 pct) scoring the biggest percentage gains of the day.