Corrected the Stock Exchange after the rally

of Alexandra Tombra

Today is a day of correction for the Athens Stock Exchange, which, although intra-conference tried to resist the pressures of securing the profits of the previous week, finally succumbed to the losses of several index-weighted securities.

In particular, the general index closed with a fall of 1.13% to 938.93 points, while today it moved between 951.02 points (+ 0.14%) and 937.49 points (-1.28%). The turnover amounted to 111.25 million euros and the volume to 31.91 million units, while 4.01 million units were traded through pre-agreed transactions.

The high capitalization index closed with a fall of 1.31%, at 2,282.29 points, while at -1.5% Mid Cap completed the trading at 1,533.85 points. The banking index closed with losses of 2.88% at 671.39 points.

In this context, the deterioration was also on the bond front, with the yield of the Greek ten-year reaching today at the level of 3.1%, while the ODDIH proceeds tomorrow, to reissue (reopening) a 7-year bond that had been issued in April 2020 with 2% coupon.

He was buying on fame … selling on the news

The next meeting of the upgrade of the Greek economy by Standard & Poor’s was the one in which the corrective actions took place. After all, it had been a week of strong gains, attractive enough to lead several portfolios to securing them.

But the most important thing is that now the Greek economy is one step away from the investment grade, with most analysts seeing it coming in 2023, or maybe a little earlier. And Greece may be affected by the challenges worldwide, but according to DZ Bank, S&P justifies the upgrade primarily with the manageable effects of the Ukraine war on the Greek economy, the significant successes in reducing non-performing loans and the satisfactory implementation of structural reforms and fiscal consolidation.

Technical image

In such a context, the ATHEX goes through the last week of April and it remains to be seen whether its closure will preserve the acquis. As Elias Zacharakis of Fast Finance points out, everything shows that the year still holds many positive surprises with the psychology continuing to be good despite the adverse conditions. The outcome of the war will play an important role as an early end to it can halt significant problems and halt high inflationary pressures.

Technically, the market has now paid a first important level, that of 950 units, however it has substantial resistance in the zone of 973 units, ie the old highs. A correction will find the first significant supports in the zone of 930 units, while only a guarantee of the level will lead us to the zone just below 900 units. It remains to be seen whether the S&P upgrade will prevail over the fall of foreigners on the holidays.

On the board

On the board now, Ellactor lost 4.03%, with Eurobank and Lambda following with losses of 3.64% and 3.36% respectively. Over 2% was the drop in Alpha Bank, Piraeus, Viohalco and Coca Cola and over 1% in ELHA, Ethniki, OPAP, Aegean, Titan, PPC, PPA and GEK Terna.

EYDAP, Quest and IPTO moved slightly down, while Hellenic Petroleum closed unchanged. On the other hand, Mytilineos, OTE, Sarantis and Terna Energeiaki recorded small gains, with Motor Oil strengthening by 1.35% and Jumbo by 2.31%.