In the vortex of global sell off the Stock Exchange

The Athens Stock Exchange, which “participates” in the global sell off caused by the developments on the Russian-Ukrainian border, is currently struggling to keep the zone of 940 points, with the sellers even proceeding with a general reduction of the investment risk.

In particular, the General Index records losses of 3.30% at 939.03 points, while the turnover is at 79 million euros and the volume at 28 million units. The FTSE 25 also fell 3.42% to 2,294.67 points, while the banking index lost 4.26% to 713.83 points.

Developments on the Ukrainian border are the big catalyst for the strong pressures on the world markets today, with the ATHEX unable to make a difference. After all, the ATHEX may have shown significant resilience since the beginning of the year, in all international turmoil, but when they take on such dimensions, the “options” of most portfolios are very limited.

These geopolitical developments are also followed by large markets worldwide, both in Asia and in Europe, while the derivatives on Wall Street show that they follow the same trajectory. The US market shows that it will continue in a negative climate, as it closed at Friday’s session, where it recorded heavy losses with the Dow losing 500 points, the S&P reaching -2% and the Nasdaq slipping by 2.8%.

And all this at a time when the world’s central banks are on a path of phasing out measures to support the economy, inflation is galloping and the pandemic is still leaving its mark on the economy. In fact, it was no surprise that JP Morgan’s latest recommendation to withdraw, at least temporarily, the long positions in Greek bonds.

Specifically, as the American bank reports, it stops the long positions it had in the Greek 10-year bonds against the Portuguese ones, as, as it emphasizes, the Greek bonds received a rather sharp sell-off last week and especially on Monday, February 7th. This move, he points out, is hardly justified by fundamentals and supply and is probably due to the fact that some flow estimates have become excessive due to low market liquidity.

On the board

On the board now, Piraeus records losses of 6.08%, with Alpha Bank, Coca Cola, Jumbo and Aegean, while over 3% is the drop in PPC, Biochalco, Ethniki, Hellenic Petroleum, Eurobank, OPAP, Mytilineos and ELHA .

Over -2% is the drop in AdmiE, Quest, Lambda, GEK Terna, Motor Oil and OTE, while over -1% in EYDAP, Titan, Sarantis, PPA and Terna Energy. Ellactor only gains 1.53% in FTSE 25.