Defense at the supports is trying to take out the Stock Market

The Athens Stock Exchange is currently trying to absorb the pressures that threatened its supports earlier, although the pressures on the majority of its securities do not leave much room for reaction, at least temporarily.

In particular, the General Index recorded losses of 0.72% at 885.20 units, while the turnover is at 24.5 million euros and the volume at 11.9 million pieces. The FTSE 25 also registered a fall of 0.75%, at 2,139.94 points, while the banking index lost 2.31% at 578.68 points.

Although earlier it was even at 881 units, at this time it has slightly limited its losses, with the positive passage of OTE, OPAP and Mytileneos contributing to this effort. Of course, the pressures on the banks, as well as on Viohalco, are restraining expectations for the rest of the session, with the market spending time on maintaining the support of 885 points, as the loss of this will open the way for the zone of 850 points again.

However, partial support was provided by UBS’s new estimate for Greece’s GDP, as it now estimates that growth this year will reach 5.7%, from 4% previously, while tourism is expected to be the big “driver” of GDP, with revenues to reach 20 billion euros. But what matters is that apart from tourism, UBS sees a clear recovery in corporate lending (potentially influenced by EU Recovery and Resilience Facility (RRF) inflows).

The above observation contradicts the image of the banking sector on the board, with the sector again finding a “wall” at 600 units and today being at the center of liquidations, against the positive estimates of analysts. Of course, as stock market sources comment on Capital.gr, the sector has recorded a strong two-month period with many portfolios attempting to secure profits, but the level of prices is far from the highs of the year, as well as from the performance of the rest of the market.

On the dashboard

On the board now, Piraeus is losing 3.77%, with Alpha Bank, Eurobank, Ethniki, Biohalko and Quest following with losses exceeding 2%. Above 1% is the fall in ADMIE, Aegean, PPC and Ellaktor, while Jumbo, Lambda, Titan, ELHA, PPA, Sarantis, Coca Cola and Motor Oil are slightly down.

On the other hand, Terna Energy gains 1.23%, with EYDAP, GEK Terna, OTE, OTE and Mytileneo registering a small increase. The Hellenic Petroleum share is unchanged.