Endure the positive sign in the Stock Market

of Alexandra Tombra

The Athens stock exchange showed strength for another session, although sellers pared the upward movement from the second half of the session until the end, with the market finding supports in the rise of several index-weighted securities, from the energy and banking sectors.

In particular, the general index closed with a rise of 0.42% at 896.12 points, while today it moved between 900.98 points (+0.96%) and 893.75 points (+0.15%). The turnover amounted to 58.94 million euros and the volume to 19.45 million pieces, while 1.68 million pieces were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 0.49%, at 2,164.79 points, while the Mid Cap ended trading at +1.22% at 1,398.37 points. The banking index closed with an increase of 1.12% to 589.27 points.

Although it was in the 900-point zone, fueling expectations of momentum that could develop, sellers ultimately put a stop to those plans, confirming risk aversion in an environment mined here and there. After all, the climate remains fragile, in view of both the uncertainties on European soil and the start of the Federal Reserve’s symposium in Jackson Hole today.

The AXA has found a balance point of the risk assessment between 890 – 900 points, however, the next few days and until the presence of the prime minister at the TIF will be difficult, with the market monitoring the political correlations based on reference to tomorrow’s counter of the political leaders in Parliament. According to Capital.gr, the exchange of strong statements between the government and SYRIZA, in the wake of the four-hour hearing of the new head of the EYP, gives the impression of the particularly high tones that are expected to prevail in the speeches of the prime minister and the leaders of the opposition, with the whole setting to tend in the direction of… hard rock.

In this context, as a stock market source comments on Capital.gr, the market’s stay above the supports of 880-885 units should be considered a positive development at present, as it maintains the short-term upward trend in the AX. In assessing the picture, one should not forget that the performance of the Greek economy is particularly positive, as reflected in the budget revenues in the 7th month of the year, but also in the foreign analysts who upgrade the estimates for the course of the GDP.

But what the market is missing is a smoother international environment, something we will not see in the coming months, but also better management of the foci of uncertainty by the government. Both factors are unlikely to provide further risk-taking incentives for buyers in the near term, with several domestic analysts, most recently Eurobank Equities, recommending more defensive positions until visibility is restored.

On the dashboard

On the board now, Hellenic Petroleum and Mytilineos led the market with gains of 2.65% and 2.01%, while Viohalco, Aegean, Ethniki, GEK Terna, ADMIE, Alpha Bank, OPAP and Titan rose more than 1%. ELHA, Lambda, Eurobank, Ellactor, Terna Energy, EYDAP, PPA, Jumbo and OTE closed slightly higher.

Conversely, Coca Cola’s 2.06% drop was key to the market’s final picture, while Sarantis lost 1.75%. Quest, Motor Oil and PPC closed down slightly. Piraeus closed unchanged.