New failure for the 900 units on the Stock Exchange

of Alexandra Tombra

The Athens Stock Exchange closed with losses, which for the third time in the week seems unable to penetrate 900 points, despite the efforts of buyers intra-conference.

In particular, the general index closed with a fall of 1.08% at 890.28 points, while today it moved between 901.96 points (+ 0.22%) and 80.28 points (-1.08%). The turnover amounted to 68.50 million euros and the volume to 26.95 thousand units, while 4.73 million units were traded through pre-agreed transactions.

The high capitalization index closed with a fall of 1.34%, at 2,154.88 points, while at -0.68% Mid Cap completed the transactions at 1,400.17 points. The banking index closed with losses of 1.69% at 605.84 points.

The stop that 900 points put on the general index was the third in the week, repeating the pattern that had been observed in the index’s attempt to cross the 870 points about two weeks ago. These failures maintain the negative scenario of a reversal of the index to lower levels, which will be reversed only by the upward break of 900 points.

Of course, today the market tried on the one hand to manage the movements of securing the profits of the previous period and on the other hand the difficult level of 900 points.

The market is also well aware that climbing to higher levels involves a number of risks. The first is the inflationary pressures, which are intense in the Greek economy, to hit the corporate size and negatively affect growth.

So far, what is being conveyed by the analysts interviewed by Capital.gr is that investors should take into account the time horizon of these inflationary pressures. In other words, inflation in Greece may be in double digits, but how much it will be maintained at such high levels is the key to assessing the impact on growth.

However, ING today for the next two years predicts a further slowdown in the growth of Greece, to 2.4% in 2023, while to 2.2% in 2024, due to inflation and the war in Ukraine.

The second risk has to do with the decisions of the European Central Bank next Thursday. Although tightening policy and raising interest rates are now considered certain decisions, what analysts are emphasizing is how quickly the central bank will move forward with its goals. In other words, if it accelerates the pace of policy tightening, then the risks to the economy will increase, especially for vulnerable regions, such as Greece.

It is worth noting here that a first rate hike in July seems almost certain and a 50 basis point increase cannot be ruled out, especially if inflation is higher than expected in view of the July meeting.

On the board

On the board now, Sarantis closed with losses of 4.46%, with Jumbo and Eurobank following with a fall of 3.79% and 3.60% respectively. Over 2% was the drop in Lambda, Alpha Bank and Coca Cola and over 1% in OPAP, Hellenic Petroleum, OTE, Quest, IPTO and GEK Terna.

Viohalko, ELHA, Aegean, Teran Energeiaki, PPA and PPC closed slightly lower, with Piraeus and Ellactor closing unchanged. On the other hand, Titan, Mytilineos and Ethniki were slightly higher, with Motor Oil finishing at + 1.34% and EYDAP at + 3.97%.