New move higher than the Stock Market

The Athens Stock Exchange is making a new attempt to move to higher levels today, but it cannot overcome the uncertainty regarding the prospects of the economy, as well as the low investment confidence.

In particular, the General Index registers a rise of 0.75% to 785.04 units, while the turnover is at 7 million euros and the volume at 3.5 million pieces. The FTSE 25 also recorded a gain of 0.98%, at 1,875.80 points, while the banking index increased by 2.04% at 456.08 points.

The market is haunted by yesterday’s disappointing close, as from +1.6% intra-session it closed with marginal losses. And this picture is only part of the low investor confidence that prevails in the market, gnawing at supports that throughout the previous six months have held.

Now the General Index is struggling to regain critical levels that will help it stop the downward spiral it has been on. But to achieve this it will have to rise above 800 units in any case, with the next target being 850 units. Also, the banking index must in any case recover the 500 points and give the signal of recovery after a month and a half of continuous decline.

The reaction of the market is something expected by several participants, as since June 20 the ASE has not… raised its head. It has even slipped to the lowest levels of the last year and a half, with many of its securities at multi-year lows, an image that is not justified in an economy that is growing at the fastest pace of other eurozone economies.

On the dashboard

On the board now, Jumbo and Aegean are recording gains of over 3%, while Hellenic Petroleum, Biohalco, Alpha Bank, Eurobank, ELHA, EYDAP, PPC, Ethniki, ADMIE and GEK Terna are up over 2%.

Above 1% are the profits of Ethniki, PPA, OTE, Titan, Piraeus, Sarantis and OPAP, while Terna Energieaki, Mytilineos, Lambda and Ellaktor are moving slightly upwards. On the contrary, Quest shares are slightly down, with Coca Cola at -1.90% and Motor Oil at -5.31% due to a dividend cut.