Banking push for the rise in the Stock Market

The Athens stock exchange is moving with profits today, which is trying to overcome and break the accumulation of the last few days, although this effort comes again with a low turnover.

In particular, the General Index registers gains of 0.77% at 812.30 units, while the turnover is at 4.3 million euros and the volume at 1.9 million pieces. An increase of 0.88% was recorded by the FTSE 25, at 1,939.04 points, while the banking index gained 2.14% at 472.42 points.

If the transactions in Alpha Bank and Piraeus are excluded, the volumes in the rest of the board are extremely low, just like the image prevailing in the last days in the market. It is telling that in recent sessions overall market volume remains at about ¼ of the June average, with the market facing the “bad self” of 2021, when depreciation was also evident.

So, in such a low-trading environment, market shallowness can work against bullish attempts, as even small orders can change signs. The general index needs to firmly secure 806 units to pave the way for a move to the 840 unit zone. 787 points is close support and only consolidation can test the low or 771 points.

At the FTSE 25 level, 1,888 continues to be important support and only a breakout can open the way to 1,857. 1,938 points is resistance, which is being tested today, with weak results so far. At the same time, the banking index tries to move away from the levels of 450 units, having a margin of more than 10 units until the resistance of 484 units.

Dashboard

On the scoreboard now, National Bank scores a profit of 3.43%, with Alpha Bank, Piraeus and PPC following with an increase of more than 2%. At +1.67% is Mytileneos and at +1.43% is ADMIE, while Quest, Titan, Motor Oil, Hellenic Petroleum, OTE, Eurobank, GEK Terna, EYDAP, OPAP and Sarantis are moving slightly upwards.

On the other hand, Jumbo, Coca Cola, Terna Energy, ELHA and Biohalco move in negative territory, but none of them recorded losses exceeding 0.5%. Without change are Ellactor, Aegean, Lambda and PPA.