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Collect the weekly losses of the current + 1% on the Stock Exchange

With the banking sector reacting strongly upwards, the Athens Stock Exchange managed to recover all 860 points, but without taking any risks at a time when the international situation remains full of challenges.

In particular, the general index closed with an increase of 1.04% to 860.06 points, while today it moved between 861.81 points (+ 1.25%) and 853.13 points (+ 0.23%). The turnover amounted to 82.03 million euros and the volume to 31.68 thousand units, while 235.97 thousand units were traded through pre-agreed transactions.

Collect the weekly losses of the current + 1% on the Stock Exchange

The high capitalization index closed with an increase of 1.31%, at 2,067.95 points, while at + 0.15% Mid Cap completed the transactions at 1,402.95 points. The banking index closed with gains of 4.17% at 563.33 points.

On a weekly basis, the general index closed 0.80% lower, while the FTSE 25 fell 0.59%. Banking index closed with gains of 0.38%

Imported turbulence

The volatility continued this week on the ATHEX with the direction of the trend being dictated from abroad, as reported by M. Hatzidakis of Beta Securities. The economic data of key macroeconomic indicators remain in the spotlight with investors now expecting next week news from the Fed minutes (25/05), the final GDP of the first quarter in America (26/05) and Germany (25 / 05).

Especially in the US the first quarter is expected to come out negative by 1.4% on an annual basis based on the preliminary announcement and this will now put the possibility of recession on the table as two consecutive quarters with negatives will mean the entry of the economy at negative rates. development. At the moment, the markets have discounted some of this possibility, but the flow of young people has not shown any progress that cancels or changes this assessment for the better. At the same time, the inflationary environment maintains high concerns about the reactionary margins of central banks, while the war tension in Ukraine does not seem to be escalating.

Internally, mobility continues with the gossip of acquisitions maintaining interest or acting as a deterrent to pressure. At the same time, various ventures that concern the management of real estate, either as builders or as AEEAP, seem to be paving the way for listing on the Stock Exchange.

Although the stock market climate is not the best possible this market dynamics and the interest that exists to support the efforts which are in the final stage of approval by the supervisory authorities. However, the success of an important Public Registry over time would boost market morale and possibly motivate other companies to pursue a listing.

The technical image

The 850 units kept at the level of daily closures but this did not significantly improve the chart. Technically, the General Index, although it did not lose this level of support, carried out the week’s trades in a significantly lower price range than the previous one. Thus lower low and lower high, which is a sign of weakness.

In practice, the market remains on a downward trajectory, buyers bought a little time and avoided the scenarios that want the General Index to open a pace for 800 points if it loses 850. The time market consists in the fact that the key change point has now shifted to 885 points while the coverage of the downward gap (864-858) as pending can somewhat smooth out the downward dynamics.

From mid-April, however, there is a repetition of a downward zigzag pattern which has called into question all the upward reactions that have preceded. If we assume that the Market has been accumulating since the beginning of May, then the main issue is not to pay prices below the previous week’s lows. Then we will be able to talk about improving the technical conditions and a reaction with more remarkable upward specifications, concludes Mr. Hatzidakis.

On the board

On the board now, Eurobank closed with a jump of 5.48%, with Ethniki and PPA following with + 4.46% and + 4.42% respectively. Alpha Bank recorded gains of 3.35%, with PPC, Mytilineo, Terna Energy and Jumbo closing with an increase of more than 2%.

Coca Cola, Quest, Lambda, Piraeus, Motor Oil and GEK Terna closed above + 1%, while Titan, Sarantis, Ellactor, IPTO and ELHA closed slightly higher. On the other hand, Aegean and EYDAP recorded small losses, with Hellenic Petroleum and Biochalco losing more than 1%. OPAP fell 2.30% today and OTE lost 3.11%.

Source: Capital

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