National… support received the Stock Exchange

After an intensely nervous meeting with several sign exchanges, the Athens Stock Exchange managed to close positively, as significant support was activated by index-weighted securities that absorbed the turmoil.

In particular, the General Index closed with gains of 0.17% at 934.58 points, while today it moved between 924.33 points (-0.93%) and 935.54 points (+ 0.28%). The turnover amounted to 67.6 million euros and the volume to 27.4 million units, while 1.4 million units were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 0.30%, at 2,263.98 points, while at + 0.24% Mid Cap completed the transactions at 1,563.07 points. The banking index closed with gains of 0.75% at 661.3642 points.

Tone from abroad and a little… political

It is clear that the ATHEX today reacted to the upheavals brought by the latest decision of the US Federal Reserve to proceed aggressively towards the tightening of its policy. Of course, the absence of a clear timetable has caused new concerns in the markets, which, however, managed to recover and move positively, providing some support in Athens Avenue.

After all, the European Central Bank, which affects the Greek economy, seems more tolerant of inflationary pressures, which can be supportive on the ATHEX, but no one can rule out the scenario of a large shift of capital from equity markets to fixed assets. income, such as bonds, as happened in 2013 and 2014. In any case, until next March, international movements will be more restructuring and with a shorter time horizon.

At the same time, today the political danger was added, after the motion of censure submitted against the government by SYRIZA. And that was a parameter that was not taken into account by domestic investors. Now everyone is waiting for the three-day debate on the motion of censure, which will end with the vote on Sunday night.

Technical strengths

The stake in the market now is to be able to maintain the levels and, on the one hand, pass the rope of political unrest, in order to have more resilience to the negative international environment. Of course, the motion of censure is not expected to cause instability in the government, but it puts some clouds in an area that at least foreign analysts seemed to excel at for the economy.

Technically, the General Index should close the week above the level of 930 points, in order to cancel the scenario of the big correction. If it manages to rise above this support then the general index will have to face the resistance of 959 points, the breakdown of which will continue at 980 points. On the other hand, as long as the general index is kept at a distance of 905 points, the upward scenario is valid. However, the continuation of the sideways movement gathers the most chances with the international factor having the first say in the direction of the market.

On the board

On the board now, Ethniki closed with gains of 2.39%, with Lambda and PPC following with + 1.86% and + 1.10% respectively. Aegean, Piraeus, OTE, Mytilineos, PPA, Eurobank, Jumbo and OPAP closed slightly higher, with Alpha Bank closing unchanged.

On the other hand, the losses in Saranti, IPTO, Titan, Viohalko, EYDAP, GEK Terna and Terna Energeiaki exceeded 1%, while ELHA, Hellenic Petroleum, Quest, Coca Cola, Motor Oil and Ellaktor closed slightly down.