Index-heavy… the recovery of the Stock Exchange

With the support of selected index stocks, the Athens Stock Exchange today manages to return above the levels of 880 points, but without being able to limit the uncertainty and caution fueled by the pandemic image of the country.

In particular, the General Index records gains of 0.63% at 882.35 points, while the turnover is at 3.1 million euros and the volume at 1.6 million units. The FTSE 25 also recorded an increase of 0.68%, to 2,115.29 points, while the banking index gained 1.08% to 562.94 points.

The general index, although lagging behind returns from most of its titles, has recently shown resistance to the pressures that lead it to the dangerous area of ​​860 points. Of course, this difficult mixture that has now been created by the new Omicron variant of the coronavirus, has trapped the market in the range of 850-930 units, for a period that already counts nine months.

As Beta Securities has recently reported, it is impressive that since April and for the rest of the year, the fluctuation of the General Index has been limited to a range of 100 points. Practically we are talking about an accumulation that with each oscillation within this range closes more and more, giving the impression of a laborious wait.

Based on previous expectation patterns, the expansion of this over-accumulation will give a very large movement in the direction of disintegration. The escape from the 830 units will give a target of movement towards the 725 units while the upward escape has four-digit targets (1,050) looking possibly in a more ambitious scenario.

As most analysts agree, the open issues of the pandemic, energy costs and inflation are at the top of next year’s agenda and will judge the breakdown of accumulation. And in this mix, no one can overlook the safety nets laid by both the European Central Bank and the European Union Recovery Fund.

On the board

On the board now, Eurobank is gaining 2.05%, with Coca Cola, Titan and OTE following with an increase of just over 1%. Close to + 1% are also PPA, National, Piraeus and Motor Oil.

Viohalko, GEK Terna, IPTO, PPC, Alpha Bank, Mytilineos, OPAP, Terna Energy and Jumbo are moving slightly upwards, while EYDAP, Aegean and Hellenic Petroleum are unchanged. Quest, Lambda, Sarantis and Ellactor are moving slightly downwards.