Internally… the stock market correction

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The Athens Stock Exchange finally closed with small gains, which managed to absorb the pressures of profit booking and reverse the negative climate created by the correction mainly of the banking sector.

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In particular, the General Index closed with an increase of 0.13% at 894.37 points, while it moved between 896.05 points (+0.32%) and 887.92 points (-0.59%). The turnover amounted to 56.06 million euros and the volume to 29.68 million pieces, while 10.26 million pieces were traded through pre-agreed transactions.

Internally... the stock market correction

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The high capitalization index closed with an increase of 0.12%, at 2,164.67 points, while the Mid Cap ended trading at -0.04% at 1,396.77 points. The banking index closed down 0.54% at 586.28 points.

The “damage” of profit taking was small and controlled today, as the index-weighted OTE provided the supports the market needed. After all, since July 5, when both the General and the banking index were at year lows, the profits exceeded 14% for the former and 33% for the latter. In fact, in this period, the General Index has recorded only six bearish sessions, out of a total of 29 sessions, offering significant gains to the short-termists who believed that the stock market is not in the low position of the year.

Of course, the 900 level may test this bull run as the orders of those trapped in early June, when it was lost, are activated. So far, what most analysts are pointing to is that the improvement in turnover will help the market withstand these pressures, even giving the signal that it has the purchasing power needed. And indeed, turnover looks improved today, as it did in yesterday’s session, where we had strong activity through pre-arranged trades.

In any case, however, the market should make a stop in its upward streak, assimilating the levels and creating footholds in case of international disturbances. Especially in the latter, although the Stock Market has shown some resistance to external turbulence, everyone agrees that it should stop “resorting” to the levels of 850 units whenever the climate worsens internationally and create stronger dykes in the zone of 900 units.

However, there are not a few analysts who believe that the Stock Exchange has performed very well, if one considers that so far it has even twice covered the damage of the dip around 800 units, at a time when the losses of the developed markets since the beginning of the year exceed 10%. But that is clearly not enough for a market that has been retreating to levels below 1,000 since 2016, with a host of domestic investors anticipating their own bull market.

On the dashboard

On the board now, Quest closed with a jump of 3.42%, with Sarantis gaining 2.38% and OTE closing at +1.90%. Coca Cola, Motor Oil, Aegean, Mytileneos, Ethniki, ADMIE and Terna Energy closed slightly higher, while PPC closed unchanged.

On the other hand, Piraeus and Biochalko closed with losses of 2.13% and 2.08% respectively, while Alpha Bank, Lambda, PPA and ELHA were down more than 1%. Titan, EYDAP, Hellenic Petroleum, GEK Terna, OPAP, Ellactor, Jumbo and Eurobank closed slightly down.

Source: Capital

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