Earnings with asterisks on the Stock Exchange

of Alexandra Tombra

The Athens Stock Exchange returned to the zone of 840 points today, but the current reaction does not manage to acquire the momentum needed to reverse the extremely negative climate created by the change in monetary policy.

In particular, the general index closed with an increase of 1.96% to 838.94 points, while today it moved between 839.54 points (+ 2.03%) and 825.36 points (+ 0.31%). The turnover amounted to 76.64 million euros and the volume to 29.97 million units, while 1.39 million units were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 2.38%, at 2,028.26 points, while at + 0.14% Mid Cap completed the transactions at 1,297.10 points. The banking index closed with gains of 2.82% at 546.38 points.

Although today’s meeting had the imprint of the extraordinary meeting of the European Central Bank, in the end its brief and concise announcement on the Eurozone support measures did not seem to restore market confidence, although it slightly improved the climate with the final picture is not representative of the current movement. After all, the 840-unit band is the first major resistance in the market. A patent could test movement towards the 850.

Buyers are likely to call everyone who looks appropriate, if there are only a few. After all, what the ECB has said is that it will not allow the fragmentation of the Eurozone and will strengthen the transmission mechanism of monetary policy.

In this context, the ECB will strengthen the flexibility to reinvest expired bonds in the PEPP portfolio (the pandemic bond market program, which includes Greece), and accelerate the creation of a new anti-fragmentation tool.

The ECB’s announcement, however, did not provide significant answers to the difficult equation it faces: raising interest rates, controlling inflation, not affecting government borrowing costs, nor halting growth. An equation for strong solvers, with history not in favor of monetary principles.

As stock market sources comment on Capital.gr, the ATHEX is now moving based on the revaluation of risk in international markets, ignoring for the time being all the positive elements in the field of economy. Of course, the prospects that exist now are not the same as those estimated at the beginning of the year, but they are not to keep the ATHEX close to last year’s lows.

On the board

On the board now, OTE recorded gains of 4.45%, with Sarantis and Coca Cola following with + 3.75% and + 3.48% respectively. Over 2% was the increase in Alpha Bank, PPC, Jumbo and Motor Oil and over 1% in Ethniki, Lambda and Piraeus.

Aegean, PPA, Mytilineos, IPTO, Hellenic Petroleum, OPAP, Eurobank, Quest and ELHA moved slightly upwards, with Ellactor closing unchanged. On the other hand, Viohalko, Titan and EYDAP closed slightly lower, with Terna Energy losing 1.52% and GEK Terna falling 1.88%.