The Athens Stock Exchange continues with bullish moods today, aiming to “break” all 830 units at the close, which it has already conquered at the highs of the day.
After a four-session bull run where the General Index has hit two-month highs, recording cumulative gains of close to 4% and “consolidating” at 800 points, led by the banking sector which jumped nearly 11% over the same period , the domestic market will certainly try for the 5X5, if the climate abroad allows it.
The A.A. just as the European markets are still “digesting” the ECB’s decisions and monitoring the political developments in Rome as well as on the energy front.
Regarding the statistics of today’s session, the General Index rises by 0.88% to 833.42 points, while the turnover is 26 million euros.
According to Merit Securities, however, the long-term trend remains bearish with the 200-day exponential moving average at 868.77. Support points are 779 and 770 units and resistance points are 840 and 867 units.
The high-cap index is up by 1.03% to 2,005.53 points, while the mid-cap index is up +0.41% to 1,337.53 points.
Among the non-banking blue chips, EYDAP, Coca-Cola, and OPAP stand out with gains of more than 2%, while ELPE, Mytilineos, Sarantis and OTE are up more than 1%.
Mild losses below 1% were recorded by Aegean, GEK Teran, Ellaktro, Motor Oil, Jumbo, Terna Energy, Quest, Lamda Development, Titan, ADMIE and ELVALhalcor.
The banking index is up 1.23% to 503.17 points, with NGE at +2.71%, Piraeus at +0.39%, Eurobank at +0.84% ​​and Alpha Bank at +0. 5%.
Limited trading activity as well as a fragile international climate are the main obstacles to maintaining the upward trend, with volatility being the main feature, and everything for the positive momentum will be “played”, according to domestic analysts, to capture and maintain of 830-840 units.
More hawkish-than-expected ECB and political developments in Italy, with early elections raising concerns about Italy’s ability to push ahead with its reform agenda in the near term with possible delays in implementing the recovery plan and approving of the new budget, combined with the uncertainty that continues to exist on the energy front and the course of inflation, are what will determine the course of the European markets, and therefore of the AXA, in the short term.
What is certain is that the prospects of the international economy have “clouded” again and if the recession makes its appearance again, then the landscape for the markets will become even more difficult.
However, Capital Economics expects a recession in the Eurozone and the United Kingdom and estimates that the US, Canada and Australia will narrowly avoid economic contraction. If a technical “global recession” is avoided, it will be largely due to China’s modest post-COVID-19 recovery and relative economic strength among major commodity producers. Inflation is likely to prove more persistent than in the recent past, so the extended and aggressive monetary policy tightening cycle must continue. But this will add headwinds to growth and eventually force several central banks to reverse course in 2024 or even earlier.
Eleftheria Kourtalis
Banks-blue chips send over 830 units to the Stock Exchange
The Athens Stock Exchange continues with bullish moods today, aiming to “break” all 830 units at the close, which it has already conquered at the highs of the day.
After a four-session bull run where the General Index has hit two-month highs, recording cumulative gains of close to 4% and “consolidating” at 800 points, led by the banking sector which jumped nearly 11% over the same period , the domestic market will certainly try for the 5X5, if the climate abroad allows it.
The A.A. just as the European markets are still “digesting” the ECB’s decisions and monitoring the political developments in Rome as well as on the energy front.
Regarding the statistics of today’s session, the General Index rises by 0.88% to 833.42 points, while the turnover is 26 million euros.
According to Merit Securities, however, the long-term trend remains bearish with the 200-day exponential moving average at 868.77. Support points are 779 and 770 units and resistance points are 840 and 867 units.
The high-cap index is up by 1.03% to 2,005.53 points, while the mid-cap index is up +0.41% to 1,337.53 points.
Among the non-banking blue chips, EYDAP, Coca-Cola, and OPAP stand out with gains of more than 2%, while ELPE, Mytilineos, Sarantis and OTE are up more than 1%.
Mild losses below 1% were recorded by Aegean, GEK Teran, Ellaktro, Motor Oil, Jumbo, Terna Energy, Quest, Lamda Development, Titan, ADMIE and ELVALhalcor.
The banking index is up 1.23% to 503.17 points, with NGE at +2.71%, Piraeus at +0.39%, Eurobank at +0.84% ​​and Alpha Bank at +0. 5%.
Limited trading activity as well as a fragile international climate are the main obstacles to maintaining the upward trend, with volatility being the main feature, and everything for the positive momentum will be “played”, according to domestic analysts, to capture and maintain of 830-840 units.
More hawkish-than-expected ECB and political developments in Italy, with early elections raising concerns about Italy’s ability to push ahead with its reform agenda in the near term with possible delays in implementing the recovery plan and approving of the new budget, combined with the uncertainty that continues to exist on the energy front and the course of inflation, are what will determine the course of the European markets, and therefore of the AXA, in the short term.
What is certain is that the prospects of the international economy have “clouded” again and if the recession makes its appearance again, then the landscape for the markets will become even more difficult.
However, Capital Economics expects a recession in the Eurozone and the United Kingdom and estimates that the US, Canada and Australia will narrowly avoid economic contraction. If a technical “global recession” is avoided, it will be largely due to China’s modest post-COVID-19 recovery and relative economic strength among major commodity producers. Inflation is likely to prove more persistent than in the recent past, so the extended and aggressive monetary policy tightening cycle must continue. But this will add headwinds to growth and eventually force several central banks to reverse course in 2024 or even earlier.
Eleftheria Kourtalis
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
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