Greek vote fails to derail Europe's ECB-driven share rally

lunes 26 de enero de 2015 05:46 GYT
 

* FTSEurofirst 300 up 0.1 pct, ECB rally holds

* Investors take profit on Greek uncertainty

* QE optimism contains damage in markets

By Blaise Robinson

PARIS, Jan 26 (Reuters) - Greek stocks fell on Monday after anti-austerity party Syriza swept to victory in the polls, though this damage failed to halt a broader rally in European equities driven by the European Central Bank's bond-buying plan.

Athens's ATG index was down 1.3 percent at 0922 GMT, led lower by banking stocks such as Piraeus Bank, down 9 percent, and Alpha Bank, down 4.3 percent, with investors taking a cautious stance as Greece's new leftwing leader Alexis Tsipras begins steps to build a government.

"Investors seem to be willing to take profit on the back of Friday's impressive rally in anticipation of the formation of a new government and its rhetoric versus Greece's international lenders," said Nikos Koskoletos, an analyst at Athens based Eurobank Equities.

However, the losses were not enough to erase the past week's gains in anticipation of the ECB's new stimulus measures designed to revive the euro zone's flagging economy. The ATG index is still up by almost 5 percent since a week ago.

The pan-European FTSEurofirst 300 index was up 0.1 percent, close to seven-year highs, with benchmark indexes in Frankfurt and Paris in positive territory.   Continuación...