Defending the 850 units on the Stock Exchange is costly

It may have been necessary to raise large funds, but finally the Athens Stock Exchange managed to keep the psychological limit of 850 points, absorbing a significant part of the intra-conference pressures, which reached the General Index even in the zone of 830 points.

In particular, the General Index closed with losses of 1.66% at 852.10 points, while it moved between 833.56 points (-3.8%) and 862.14 points (-0.50%). The turnover amounted to 177.33 million euros and the volume to 89.13 million units, while 4.45 million units were traded through pre-agreed transactions.

The index of high capitalization closed with a fall of 1.84%, at 2,059.27 points, while at -0.92% the Mid Cap completed the transactions at 1,482.45 points. The banking index closed with losses of 3.12% at 583.73 points.

The losses of 2022 are close to 5%

Although it responded positively to the Wall Street uptrend, this does not mean that the stock market is not on a difficult path that has not only lost its positive technical image, but also the long portfolios that it has so hard attracted since the beginning of the year. Now, the General Index is dangerously approaching the 2021 accumulation threshold, with the market urgently needing a response to hold on to last year’s gains.

Of course, what is pointed out is that if there is a gradual de-escalation of the crisis and a normalization of relations between the two sides, the Stock Exchange will most likely return to pre-Ukrainian crisis levels relatively soon. But because such a scenario does not seem to be confirmed at present, a greater effort may be needed to neutralize the geopolitical impact on Athens Avenue, while everything will depend on the efforts of the Greek government to support the affected companies.

And all this at a time when Goldman Sachs is coming to give a vote of confidence in the Greek stock market, seeing greater room for growth, in relation to the whole environment of emerging markets. In fact, it places the 12-month target at 1,175 points, while the earnings per share of Greek listed companies will increase by 20%, which is the highest level of growth in the region.

Why such a big drop?

The image of the Greek market has been reversed in recent days. That is, where in the first two months of the year the Stock Exchange managed to show significant resilience, in recent days it is leading the way in the fall. And as Ap. Manthos of Aenaon Markets points out, once again the “diversity” that distinguishes the foreign funds that hold Greek banking shares in their portfolio gave the tone of the extended sales in the last meetings.

The beginning was made by some short-term moving portfolios where in the midst of the negative conditions from the evolving geopolitical crisis they decided to violently pull the earned “chips” from the market table, since since the beginning of the year the bank shares had a significant performance in relation to the General Index.

On the board

On the board now, Aegean lost 6%, with Coca Cola following with -5.93%, although intra-conference it was even lower. Eurobank, Ethniki, Sarantis and PPC closed more than -4%, while Biochalco, Hellenic Petroleum, Titan and Motor Oil closed more than -2%.

The losses in Terna Energy, ELHA, Alpha Bank, EYDAP and Lambda while Quest, Mytilineos, GEK Terna, PPA, IPTO and OTE closed slightly down. On the other hand, Piraeus and OPAP closed slightly higher, with Ellactor gaining 1.22% and Jumbo closing with a jump of 4.46%.