Not only did it lose its morning rally, but now the Athens stock market is also losing the foothold provided by Coca Cola, with sellers nibbling on the reaction.
In particular, the General Index recorded losses of 0.13% at 867.13 points, while the turnover is at 19.2 million euros and the volume at 6.6 million pieces. The FTSE 25 also recorded a 0.12% drop, at 2,090.66 points, while the banking index gained 0.14% at 563.20 points.
The reaction of the first hours has fallen on deaf ears, with sellers having re-emerged, anchoring the general index below the 870-point zone. After all, the mood appeared to be fragile, however the pressures after 13:00 intensified in most titles as caution and risk aversion limit many moves at the intraday level.
And as certified analyst Petros Steriotis comments, while the mighty Central Bank of the USA seems to be leaving the usual cheap money policies in the closet of history, the foreign stock markets are leaving a bitter taste at the end of the summer calendar. The perception that even the slow-moving ECB will attempt to tame the index, starting with next week’s announcements, hits all assets, with those with higher betas showing the greatest sensitivity to economic cycle turbulence.
Of particular interest will be the statements of ECB officials regarding the “safety net” spread under Greek government bonds, with the ten-year and twenty-year bonds now giving an annualized yield of around 4%. Let’s remember that the forex markets “voted” the Dollar against the Euro, thus valuing the development and energy prospects of the two important Economies, adds Mr. Steriotis.
On the dashboard
On the board now, Sarantis records losses of 2.54%, with Terna Energy, Jumbo, PPC, GEK Terna and OTE following with a fall of more than 1%. Eurobank, Titan, EYDAP, Piraeus, Motor Oil, OPAP, Quest, Ellactor and Mytileneos are slightly down.
On the other hand, Coca Cola scores a profit of 2.66%, with PPA and Ethniki at +1.46% and +1.03% respectively. ADMIE, Biohalco, ELHA, Alpha bank, Hellenic Petroleum and Aegean are moving slightly upwards.