Stock market: 2.4% drop with defenses at 800 points

The fruitless meeting for Ukraine weighed on the day leading the stock market directly to negative ground, and the new jump in inflation further intensified the pressure, but the support of 800 points worked to put a stop to the fall with the DG keeping the short-term open.

In particular, in another session of intense volatility with several sign exchanges in the first hours, the General Index completed at 803.47 points with significant losses of 2.37% and a high turnover of 107 million euros.

The FTSE 25 fell 2.58% to 1,923 points, while the bank, which in general has largely defined the market movement lately, accepted the biggest pressures and after the jump of 7.9% today closed with losses of 4.38 % at 534 points.

With the war situation in Ukraine monopolizing the interest of investors, European markets after yesterday’s jump moved correctively today since the opening of the sessions.

In Athens, the General Index initially attempted to stabilize in the area of ​​820 points, testing movement towards 830, however, as mentioned above, the sellers took the reins and with the peak of liquidations in the banking sector, the Greek market harmonized with the rest of the Old Continent.

With regard to the Ukrainian crisis, however, the fact that diplomatic channels have now opened between the two sides raises expectations for the continuation of the talks, which seems to have been assessed in the “cool” reaction of the international indicators, which in the course of trade began to gather losses.

In the macroeconomic field, the ECB decided to revise its purchasing plan in the Asset Purchase Program (APP), leaving a window to continue shopping in the light of the new conditions, while again making special reference to Greece, emphasizing that it will continue to is flexible.

The technical image

Volatility is and is expected to remain the hallmark of the day, so the key of today’s session is that the Greek market pulled out defenses at 800 points and did not cancel its reaction yesterday.

Thus, the General Index keeps open the targets for the 857 points first and then the 880, while as it has been pointed out for an upward trend we can talk over 900 points.

In a reading, after all, the market correcting today may have thrown out the hasty ones and gives an opportunity to those who did not manage to enter the rise yesterday.

The image on the dashboard

Ethniki with -6.46%, Piraeus with -5.35% and Alpha with -5.21% led the losses, while ELPE with significant pressure received -4.41%, Aegean with -4.20 %, PPC with -3.93 and Motor Oil with -3.51%.

Coca Cola closed with a fall of 2.53%, OPAP fell by 2.4%, Sarantis attempted to hold its fifth consecutive uptrend but succumbed to pressure with -0.42%, while with a positive sign of high capitalization closed only OTE (+ 0.19%) and TERNA Energy (+ 0.16%).

In the total market, 91 shares were down, 16 were up and 47 were unchanged.

M. Chachladakis