Greek Stock Market Rallies on FTSE Russell Upgrade Hopes
The Greek stock market rallied on Tuesday, with the main index recovering from Monday's losses and closing at 2,069.60 points, up 0.80%. Traders anticipate an upgrade of the Greek stock market from 'emerging' to 'developed' by FTSE Russell, which boosted the market.
The banks index led the gains, climbing 1.25%. Key players such as Piraeus, National, Bank of Cyprus, and Alpha all reported increases. Turnover rose to €196.8 million, up from the previous day's €185.9 million. A balanced market was seen, with 54 stocks gaining, 54 losing, and 16 remaining unchanged on the Athens Exchange.
Meanwhile, the large-cap FTSE-25 index also performed well, expanding 0.85% to end at 5,237.68 points. In Cyprus, the general index of the Cyprus Stock Exchange decreased slightly by 0.28% to close at 283.74 points.
The potential upgrade of the Greek stock market by FTSE Russell from 'emerging' to 'developed' status has sparked optimism among traders. The main index recovered from Monday's losses, and the banks index led the gains. However, the Cyprus Stock Exchange saw a slight decrease. Market participants eagerly await the decision from FTSE Russell.
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