The Athens Stock Exchange is currently falling steadily, but manages not to lose contact with the 950 points, despite the fact that the majority of its securities remain under the pressure of securing profits.
In particular, the General Index records losses of 0.92% at 947.00 points, while the turnover is at 30.5 million euros and the volume at 15.5 million units. The FTSE 25 also fell 1.11% to 2,285.40 points, while the banking index recorded losses of 1.42% to 639.98 points.
With just one downtrend in 2022, but also three in the 15 that have preceded December 21, a corrective move was more or less expected. Perhaps it is desirable to consider that every upward movement needs to assimilate the levels, especially when they have not been conquered in the last seven years.
The banking sector, as well as the health sector, are at the center of today’s correction, with the former being the first “candidate” since it had led the upward movement of the General Index. And the question now is whether the uptrend was opportunistic or had structural underpinnings in the fact that analysts agree in the assessment that higher prices in banking stocks are justified.
As everything shows, the answer to the question is close, but the industry has to pass the levels of 640-650 points, which it tried unsuccessfully yesterday. In other words, it will have to be seen whether the liquidity that is ensured today will be returned to the board of Athens Avenue and in which sectors. And it may not be a negative buying interest to extend to other index-weighted securities with attractive valuation and promising prospects in the new year, but the banking sector is lagging behind market returns.
In any case, today’s Fitch verdict will play an important role in the resilience of the market, as it will help the General Index hold the 950-point range, which is the big step before trying its luck at four-digit levels.
On the board
On the board now, Aegean and PPC are facing the biggest pressures, recording losses of 2.41% and 2.15% respectively, with Ethniki, Eurobank, Jumbo, Lambda and Motor Oil following with a drop of more than 1%.
Mild losses are recorded by OTE, Viohalko, HELEX, Piraeus, OPAP, Alpha Bank, IPTO, Hellenic Petroleum, Mytilineos, Ellactor, Coca Cola, Titan, GEK Terna, ELHA and Terna Energy, while Quest has no transfer. Sarantis on the other hand moves with gains of 1.38%.