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ATHENS –  Greek stocks and bonds on Oct. 17 showed strong signs of recovery after three days of selling pressure, buoyed up by the Prime Minister’s statement in Milan that Greece was discussing a precautionary credit line with its creditors.

Bond yields shrank significantly by close of trade and stocks recovered 50 percent of lost ground. The yield spread between the 10-year Greek and German benchmark bonds shrank significantly to 7.24 percent in the domestic electronic secondary bond market, from 8.31 percent the previous day, as a comment made by Premier Antonis Samaras helped to reduce pressure in the market.

The Greek bond yielded 8.10 percent and the German Bund yielded 0.86 percent. Turnover was a heavy 146 million euros, of which 96 million were sell orders and the remaining 45 million euros were buy orders.

Samaras’ statement, combined with comments of support made by European and ECB officials helped reverse a very negative climate in the market. Also, a decline in the 10-year Greek bond yield from 9.0 percent on Oct. 16 to around 8 percent on Oct. 17, coupled with a rebound in other European markets helped to boost sentiment.

The composite index jumped 7.21 percent to end at 931.81 points, after rising as much as 8.14 percent during the sessions. On a weekly basis, the index was down 7.27 percent, for a net loss of 12.2 percent in October and 19.86 percent so far this year.

The post Greek Stocks, Bonds, Rebound appeared first on The National Herald.

Source: The National Herald
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