Continue … sideways the Stock Exchange

of Alexandra Tombra

The Athens Stock Exchange finally stabilized today, as the “visit” to the level of 900 units proved short-lived and unable to cross the psychological threshold that would mark the coverage of most of the “war damage”.

In particular, the general index closed with a marginal drop of 0.09% to 892.68 points, while today it moved between 901.29 points (+ 0.88%) and 890.56 points (-0.33%). The turnover amounted to 72.34 million euros and the volume to 24.31 million units, while 2.82 million units were traded through pre-agreed transactions.

The large-cap index closed 0.19% lower at 2,162.39 points, while Mid Cap closed at 0.02% at 1,528.22 points. The banking index closed with losses of 1.44% at 646.10 points.

Although the general index tested its strength at the level of 900 points, in the end its endurance was not what it needed to be able to make the big return to the pre-war range. The foundations were shaky, which was evident in the trading activity which did not show large inflows or even mobilization of funds, which would give the signal that the uncertainty of the extensions of the Russo-Ukrainian war is reduced.

In this context, it is enough to consider that the turnover remains below 70 million euros, perhaps even lower, while the average daily value of ATHEX transactions in March reached 95 million euros, shrinking by 6% compared to with February 2022.

The reluctance of many buyers, who see the ATHEX “delaying” to follow the recovery of mature markets from the shock of the war, therefore returns, although the reflexes of Athens Avenue are slightly better than those that existed in 2020 and 2021. The bet now is to activate these buyers, so that the ATHEX returns to the highs of 2022.

The effects of sanctions are blurred

As pointed out by domestic analysts, a constant pounding of the West against Russian activities not only has a negative sign, but also affects the course of European activities. And so far the range is so wide that no one can predict what the blow to the European economy will be from the severance of ties with Russian business.

For Greece, the blow is not expected to be severe, but no one can accurately predict the impact of the above. HSBC reduced its estimate for the growth of Greece to 4% this year from 4.5% before and to 6.5% increased its estimate for inflation, from 2.4% before, due to the effects of inflation and energy shock to the economy, in the context of the wider deterioration of growth forecasts in all the countries of Europe in which it is moving.

Energy prices, which had already risen sharply last year, soared after the Russian invasion of Ukraine – a particular problem for Europe, given high levels of energy imports and dependence on Russia, HSBC reported.

On the board

On the board now, Aegean and Alpha Bank lost 2.79% and 2.52% respectively, with Lambda, Ellactor and Eurobank following with a drop of more than 1%. Piraeus, Sarantis, Viohalko, Coca Cola, Jumbo and Mytilineos closed slightly lower.

On the other hand, profits in Terna Energy, Quest and OTE exceeded 1%, while OPAP, IPTO, PPC, GEK Terna, Hellenic Petroleum, Motor Oil, Titan, ELHA and Ethniki closed slightly higher. EYDAP and PPA closed unchanged.