of Alexandra Tombra
Today, the Athens Stock Exchange is moving steadily in the zone of 870 points, with losses reaching 25 points in the shadow of the violent sell off triggered by the admission of an imminent recession on the altar of inflation control by the head of the Federal Reserve, Jerome Powell.
In particular, the General Index recorded losses of 2.97%, falling to 867.18 units, while the turnover is at 25 million euros and the volume at 13.6 million pieces. The FTSE 25 also registered a drop of 3.18%, at 2,089.64 points, while the banking index lost 5.38% at 554.76 points.
Given the London holiday, the ASE seems to be overreacting to the risk-reducing moves made by most foreign investors, trying to hold at least some support in the 870-point zone. To no avail, however, as after the loss of 881 units – with characteristic ease indeed – the next support level is at 860 units, i.e. at lows of more than three weeks.
However, what is pointed out by stock market sources at Capital.gr, regarding the overreaction of the Greek market to the deterioration of the climate, the rise in the yield of the ten-year Greek bond, which today has reached 4%, plays a large part. And this level is to a large extent also the limit of intervention by the European Central Bank, in the context of its new tool against the fragmentation of the Eurozone.
The activation of the new mechanism in this case is also accompanied by conditions that for many resembled memorandum fiscal commitments, something for which the market maintains its reservations given that the country is gradually entering the last year of the current Parliament. And Greece needs to continue to give the message of fiscal stability if it wants to get an investment grade rating at some point, even in view of the September verdicts from most of the houses.
On the dashboard
On the scoreboard, Piraeus is now losing 7.94%, with Alpha Bank, Ethniki and PPC following with losses of more than 5%. Above -4% are Eurobank, Biohalco, ADMIE and Lambda, and above 3% are Aegean and Titan.
The shares of Quest, Mytileneos, Jumbo, GEK Terna, Coca Cola, Ellactor, OTE, ELHA and Motor Oil are losing more than 2% and those of PPA, Hellenic Petroleum and Terna Energy more than 1%. OPAP and EYDAP are slightly down, while Sarantis gains 0.30%.
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.