Mild reaction after the plunge in the Stock Market

The Athens stock exchange is moving with profits today, which in turn is trying to react after yesterday’s strong fall, although its technical image remains extremely negative after the slide below 790 points.

In particular, the General Index registers a rise of 0.90% to 7869.71 units, while the turnover is at 9.6 million euros and the volume at 3.1 million pieces. The FTSE 25 also recorded gains of 1.04%, at 1,873.53 points, while the banking index increased by 2.48% at 454.13 points.

After yesterday’s 9% plunge, the banking industry today is trying to recoup some of the losses, but confidence is still very low, despite the attractive valuations it has retreated to. It is typical that three of the four systemic ones are trading below 1%, with the branch having lost more than 30% since the beginning of May.

And this picture comes at a time when the four groups have made a huge leap in the quality of their financials and under the positive news of higher interest rates that will lead them to improve net interest income, the outlook is positive, if not optimistic. At the same time, the economy, at least the Greek one, in which they operate, is not currently in danger of any strong recessionary risk, although the estimates are now lower than those at the beginning of the year.

So where does this image of the industry come from? According to stock market sources, banking stocks were held captive by portfolios particularly sensitive to global risk, therefore among the first candidates in a wave of risk offs. It was something that was evident in several sessions where the sector took a dive, bigger than expected and the overall picture of the market, like yesterday.

On the dashboard

On the board now, Mytileneos, Alpha Bank, Ethniki, Piraeus and Hellenic Petroleum are recording gains that exceed 2%, while Aegean, Quest, Eurobank, ADMIE, OPAP, Biohalco and PPA are up more than 1% .

ELHA, PPC, Lambda, OTE, EYDAP, Motor Oil, Sarantis, Coca Cola and Ellactor are moving slightly upward, while GEK Terna, Jumbo and Titan are moving slightly downward. Terna Energy loses 2.52%.