Banks and Coca Cola sank the stock market

Today’s fall in the Athens Stock Exchange was over 25 points, which now seems to have exhausted its resilience in the face of strong geopolitical upheavals and the uncertain extensions of Western sanctions on Russia.

In particular, the General Index closed with losses of 2.82% at 866.48 points, while today it moved between 890.10 points (-0.17%) and 859.21 points (-3.63%). The turnover amounted to 108.01 million euros and the volume to 53.37 million units, while 146 thousand units were traded through pre-agreed transactions.

The index of high capitalization closed with a fall of 2.90%, at 2,097.82 points, while at -2.10% Mid Cap completed the trading at 1,496.21 points. The banking index closed with losses of 5.78% at 602.52 points.

The losers of the Ukrainian crisis

The sharp fluctuations in the market, however, have not left most of the securities intact, especially those that are estimated to be affected by Western sanctions on Russia. It is indicative of the fact that Coca Cola lost the lead of valuations by OTE, as it loses over 18% within a week.

The drop in Eurobank, Alpha Bank, Saranti, Piraeus, Ethniki and Aegean is also in double digits, while only Hellenic Petroleum, OTE and Terna Energy have recorded even small profits in the last week.

In fact, as Dim. According to Beta Securities, the Russian invasion of Ukraine was a development that may have seemed relatively safer in its inception, but it was the war that gave a strong sell-off in the markets. Geopolitical turmoil is not something that stock markets are unaware of, as it is the unpredictable news that is incorporated relatively directly into prices in an attempt to discount the economic footprint of developments.

As far as the banking sector is concerned, although it has been at the center of the decline, stock market sources of Capital.gr emphasize that the big decline of the last few days is mainly attributed to external and opportunistic catalysts, such as the Ukrainian one, and not to fundamental problems. On the contrary, the industry has made considerable progress and has been significantly shielded from external shocks.

According to Capital.gr, Greek companies that either supply products from Russia or sell products in the Russian market are looking for alternative routes. Given Russia’s expulsion from the international payment network, SWIFT, this means that these companies, in order to be able to continue their trade with Russia, will seek to conduct their financial transactions through banks located in third countries.

On the board

On the board now, Piraeus closed with losses of 8.19%, with Alpha Bank and Coca Cola following with a drop that exceeded 6%. Over 5% was the drop in Ethniki and Saranti, over 4% in Aegean, Eurobank, Lambda, PPA and PPC and over 3% in ELHA, Biochalco and Motor Oil.

The fall in Ellactor, Titan, EYDAP and IPTO exceeded 2% and that of Hellenic Petroleum, Mytilineos and GEK Terna by 1%. Terna Energy lost 0.15%, with Jumbo closing unchanged. On the other hand, Quest and OTE closed slightly higher, while OPAP recorded gains of 1.62%.