Selective pressures with low turnover on the Stock Exchange

of Alexandra Tombra

The Athens Stock Exchange is moving slightly downwards today, confirming that yesterday’s efforts to move above 900 points were not a dynamic move to break the demanding resistance.

In particular, the General Index recorded a fall of 0.33% to 897.31 points, while the turnover is at 4.9 million euros and the volume at 2.5 million units. The FTSE 25 also fell 0.47% to 2,171.91 points, while the banking index lost 0.90% to 616.63 points.

The market seems to be following the same pattern as in the days when it was testing 870 points, when it showed that it had to gather its strength before breaking the resistance. So these days, more specifically than last week, it is testing the level of 900 points, but remaining close but below it.

Estimates now point to a possible split when the monetary policy intentions of the European Central Bank become known. Analysts and markets may expect interest rates to rise as early as July, but there is a question mark over the protection that the Bank may decide on government bonds. Especially after the latest article in the Financial Times about a special bond support program being developed by Frankfurt.

If the ECB finally decides that government bonds need support, then it will be a signal in all directions that government borrowing costs will remain low so that governments can meet the challenges of inflation and potentially low growth.

On the board

On the board now, Viohalko, Ethniki, Eurobank, Mytilineos and EYDAP record losses of more than 1%, while Terna Energy, Piraeus, Motor Oil, Piraeus, PPC, OPAP, IPTO, Jumbo, Alpha Bank are moving slightly down. Ellactor, Lambda, Titan and PPA.

On the other hand, Sarantis gains 2.86%, with OTE, Aegean and Coca Cola following with small gains not exceeding 1%. Unchanged are ELHA, Quest, Hellenic Petroleum and Lambda.