Buyers return to the Stock Exchange

At this time, the Athens Stock Exchange manages to absorb the morning pressures, which, although it cannot show a significant reaction, at least seems to be able to keep the zone of 790 units.

In particular, the General Index registers an increase of 0.28% to 791.76 units, while the turnover is at 13 million euros and the volume at 8.5 million pieces. The FTSE 25 also recorded gains of 0.35%, at 1,894.26 points, while the banking index rose 0.99% at 466.77 points.

The exhaustion of sellers appears to have brought out some selective positions by buyers, thus improving sentiment in a market that is trying to regain control of levels in order to negate the highly negative sentiment that has been created of late, especially when the 850 points were lost. Of course, the foci of uncertainty have not disappeared, however, many securities have landed at particularly attractive levels to motivate buyers.

However, even today there is no lack of a foreign analyst who gives credits to the Greek economy, with JP Morgan expecting a continuous de-escalation of Greek spreads during the rest of the year as well as in 2023. Thus, it expects them to be formed at 210 bp. in September from about 235 m.v. today, at 200 m.v. in December 2022 and March 2023, and at 170 m.v. in June 2023. Regarding the Greek economy, JP Morgan expects growth of 3.5% this year in Greece with inflation at 6.3%.

Technically, the importance of the 780-point zone is clearly seen on the chart of the General Index, according to Fast Finance, which finds that the AX is in a phase where most have given up their guns with psychology at its nadir. On the daily chart we have several indications for a reaction, with the first nevertheless confirmed signal being at 806 units. Also, Fast Finance reminds that as long as the level of 788 units is maintained at the end of the month, the market has strength.

On the dashboard

On the board now, Ethniki and ELHA are recording gains of 2.21% and 2.04% respectively, with PPC, Quest, Piraeus, Jumbo and Aegean following with an increase of more than 1%. PPA, Lambda, Alpha Bank, ADMIE, EYDAP, OTE, Titan, Sarantis and Eurobank are moving slightly upwards.

On the contrary, Terna Energy loses 1.64%, with Biohalco, GEK Terna, OPAP, Coca Cola and Mytileneos moving with small losses. Without change are Ellaktor, Hellenic Petroleum and Motor Oil.