Stocks in Greece rebound from 2012 low as selloff in banks stops

[LONDON] Greek stocks rose for the first time since markets reopened as banks rebounded after a three-day rout wiped out more than half their value.

National Bank of Greece SA jumped 23 per cent, following a 62 per cent tumble in three days. Attica Bank SA and Eurobank Ergasias SA climbed more than 13 per cent.

The benchmark ASE Index added 3.4 per cent to 665.37 at 1:33 p.m. in Athens, with two-thirds of its stocks up. The gauge tumbled 19 per cent in the three days after the exchange reopened following a five-week shutdown, closing at its lowest level since September 2012 on Wednesday. A gauge of Greek banks fell 64 per cent in the period to its lowest level since at least 1995.

Trades were hampered because of emergency curbs put in place amid capital controls. For the first three days after the reopening of the Athens Stock Exchange, trading was halted if a share rose or fell by as much as 7 per cent in 10 minutes. The exchange limits daily moves to 30 per cent.

Would-be buyers have to raise money from places other than their bank accounts.

Greek stocks have given up more than 89 per cent of their value since 2007.

BLOOMBERG