Profits with low turnover in the Stock Market

The Athens Stock Exchange closed positively today, but without showing any willingness to test its resistances, on a day when the whole planet is waiting for the Federal Reserve’s decision on interest rates.

In particular, the General Index closed with an increase of 0.67% at 834.85 points, while today it moved between 835.65 points (+0.77%) and 831.50 points (+0.27%). The turnover stood at 41.03 million euros and the volume at 22.76 million pieces, while 2.47 million pieces were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 1.01%, at 2,010.33 points, while at +0.28% the Mid Cap finished trading at 1,358.29 points. The banking index closed with a rise of 2.68% to 508.05 points.

The market could not take big initiatives and increase its risk at a time when the vast majority of investors are waiting for the Federal Reserve’s decision on interest rates, as it will be seen whether the pace of its policy tightening will be adjusted and whether it will accelerate or not , in order to control inflation. And this pace of the Fed, will also judge capital flows to and from the US, affecting almost all markets worldwide.

The ASE cannot remain unaffected by these flows, although the “requirements” for the market to move higher are small. That is, the funds needed to be able to get out of the zone of lows of the year are comparatively lower, with the degree of risk also being lower compared to other emerging markets.

Technically, according to Il. Zacharakis of Fast Finance, on the daily chart the medium-term uptrend after the pandemic correction is maintained, while on the weekly chart the DG has found support at the 200-week moving average. The 850 zone is the present and main resistance which certainly without the banking indicator is difficult to test, let alone break. On the weekly chart we see that the oscillators have decongested and are getting ready to give a bullish trigger as well.

However, July ends with the market almost in a sideways movement, without major fluctuations. The negative protagonist was turnover, which could not pick up pace at a time when the Greek market needed capital to get out of the lows it fell to in the two months of May – June. And that picture is clearly not expected to change as we enter the heart of summer.

On the dashboard

On the board now, Alpha Bank rose 4.27%, with Coca Cola, Eurobank and Piraeus following with gains of over 2%. Jumbo, OTE and Ethniki closed above +1%, while OPAP, Hellenic Petroleum, EYDAP and PPA closed slightly higher.

On the other hand, the losses in Ellactor, ADMIE and Lambda exceeded 2% and in Aegean, Sarantis, GEK Terna, Quest and Motor Oil 1%. Titan, Mytilineos, PPC, Terna Energy and ELHA closed down slightly, with Biohalco closing unchanged.