Dynamic counterattack on the Stock Exchange with rally 4.22%

The Athens market responded with a strong uptrend to the recent declining movement, as the General Index benefiting from the strong recovery of the investment climate internationally and with the banking sector ahead not only covered yesterday’s losses but now looks again at 857 points.

In particular, the General Index completed trading at 822.97 points with an increase of 4.22% and a high turnover of 112 million euros, of which 9.3 million in packages, the FTSE 25 gained 4.51% and closed at 1,974.39 points, as well as the bank that led the rise with a jump of 7.91% to 558.74 points

With all eyes on the Russia-Ukraine war, the international investment community seems to be assessing the latest developments as de-escalation moves, as the ceasefire that went into effect today to evacuate civilians appeared to be in line with previous days.

Moreover, a Jerusalem Post report yesterday stated that there are secret processes between Moscow and Kiev, with the “gap between the two sides not being significant”, while the representative of the Russian Foreign Minister M. Zakharova stated today that her country does not aim at overthrow of the Ukrainian government.

At the same time, the European Central Bank is meeting tomorrow, which is expected to announce measures that will support the economies of the Old Continent, while the Summit will deal with the sharp escalation of energy prices.

Regarding the latter, the stock markets in Europe received an additional boost from the fall in the price of natural gas, which after reaching 345 euros per megawatt hour, today is falling sharply more than 28% below 160 euros, as There is no intention to impose European sanctions on Russian energy exports, and oil is trading below $ 120.

In this climate, the European markets held a strong rally, with the German DAX, the French CAC 40 and the pan-European EuroStoxx 50 all strengthening more than 6%, and the General Index in Athens following in the footsteps, maintaining the positive sign as throughout the meeting.

The technical image

The positive scenario is to continue this reaction by discounting a solution to the problem of Ukraine, with the next levels for the Greek market being limited to 857 and 880 points (which constitute 50% of the fall), but in any case the trend becomes again upwards over 900 units.

Respectively, fears are located in the possibility even in the event of a diplomatic solution to continue the economic war West – Moscow with the consolidation of sanctions have been imposed, which will lead to lower valuations for listed companies.

At this stage, however, it is worth noting that the euro has also turned significantly above the dollar, which shows the general trend of risk reduction.

On the board

Banking securities dominated the session, with Piraeus at + 9.3%, Alpha at + 8.4%, Ethniki at + 7.7% and Eurobank at + 6.96%, while all high securities capitalization closed positively.

Quest picked up most of yesterday’s losses with a jump of 7% today, Coca Cola showed signs of significant recovery with + 5.12%, Viohalco, Lambda, PPC and IPTO all moved over 6%, ElvalHalkor closed at +5, 39% and Aegean at + 5.22%.

Indicative of the climate was that in all 100 shares were up and only 10 were down.

M. Chachladakis