Stock Exchange: Banks have stopped rising

The Athens Stock Exchange closed stable today, which, although moving intra-conference even over 840 points, finally failed to maintain profits, as it came under pressure especially from the banking sector.

In particular, the General Index closed with a marginal drop of 0.03% to 836.23 points, while today it moved between 843.91 points (+ 0.89%) and 833.54 points (-0.35%). The turnover amounted to 53.98 million euros and the volume to 29.07 million units, while 15.01 million units were traded through pre-agreed transactions.

The index of high capitalization closed with a fall of 0.18%, at 2,011.40 points, while at + 0.08% Mid Cap completed the transactions at 1,324.11 points. The banking index closed with a fall of 1.27% to 532.32 points.

Although the ATHEX has managed to stop the downward trend, it has not managed to escape from the zone of 830 points. The goal of closing the gap in the 847-859 zone seems to be difficult to achieve, especially at this stage, with the next resistance of 867 points looking very far away.

The ATHEX seems to be closing the first half at best at current levels, with expectations for a better end gradually collapsing. And after several years, the domestic economy will not be the cause of this picture, as the ATHEX is also in the “dance” of global investment uncertainty.

In essence, what the ATHEX has lost in recent months is the confidence of portfolios that in a smoother international environment would prefer the Greek market due to strong recovery prospects and attractive valuations, in a world where upward margins were very small. After all, the Greek economy does not have an investment grade, preventing many portfolios from being exposed to it, even if the prospects are better at this stage.

As many analysts point out, although the country is one step closer to the investment level, which will allow for several inflows of foreign capital, the turmoil of the energy crisis and the tightening of policy may delay the upgrade. Also, given its low rating, the higher debt-to-GDP ratio in the euro area and the more volatile pattern of spreads, Greek assets still have an increased risk.

On the board

On the board now, Sarantis closed at + 4.18% and PPC at + 4.02%, while Aegean, Motor Oil, Titan, PPA, Viohalko, Mytilineos, EYDAP and Coca Cola closed slightly higher. Ellactor, Hellenic Petroleum and Quest closed unchanged.

On the other hand, Ethniki lost 2.64%, with IPTO and Alpha Bank following with -1.92% and -1.27% respectively. OPAP, ELHA, Terna Energy, Jumbo, Eurobank, Piraeus, GEK Terna, Lambda and OTE closed slightly lower.