Stock Exchange: OTE is an obstacle to 870 points

of Alexandra Tombra

The Athens Stock Exchange closed with gains today, but without giving the signal to change the trend, except for the reaction after the continuous pressures it has received since the end of April.

In particular, the general index closed with an increase of 0.98% to 867.80 points, while today it moved between 871.35 points (+ 1.39%) and 864.98 points (+ 0.65%). The turnover amounted to 90.75 million euros and the volume to 35.58 thousand units, while 4.52 million units were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 1.2%, at 2,083.87 points, while at + 0.56% Mid Cap completed the transactions at 1,405.40 points. The banking index closed with gains of 1.97% at 566.65 points.

What made an impression is that the general index failed to recover the levels of 870 points, having the obstacle of OTE, after the third consecutive meeting during which there were efforts. Buyers are likely to call everyone who looks appropriate, if there are only a few.

Thus, so far the ATHEX does not have the technical data on its side, as the slide below the exponential average of 200 days overturned the last upward signal, the long-term one. Now, he must definitely cross the 870 points and approach the 900 points if he wants to restore his technical image to a positive one. Of course, this is not expected immediately, as estimates indicate that the decline worldwide is not over, affecting small regional markets such as Greece.

After the “decimation” of the banking index to 555 points yesterday (from 691 points on April 21) the industry today is trying to recover and regain some of the lost ground. Of course, confidence has not yet been restored, as since April 26 the index has made only one uptrend, last Friday, and 13 downtrends.

As it has been emphasized many times, without the banking sector the course of the market is limited. In other words, the banks should also contribute if the market wants to get out of the declining channel in which it is and to see the levels of 900 units again. Otherwise the negative scenario remains in force, with the next level of support being at 820 points.

On the board

On the board now, Quest reacted with gains of 6.24%, followed by Titan with + 4.17% and Alpha Bank with + 3.24%. Profits in Lambda, IPTO, OPAP, Ethniki and Mytilineos were over 2%, while over 1% were in Motor Oil, Coca Cola, Eurobank, ELHA and Viohalko.

Aegean, Hellenic Petroleum, EYDAP, PPC, Piraeus, Ellaktor and Jumbo closed slightly higher, while PPA, GEK Terna, Terna Energy and Sarantis closed slightly lower. OTE closed with losses of 2.19%.