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Stock market: A breather from 830 units with weekly gains of 4.45%

A week of significant growth was completed by the Athens market, which saw the General Index take a significant distance from 800 units, albeit with selective movements amid low turnover.

In any case, with its fifth consecutive upward session, the General Index finished today at 829.97 points, marking an increase of 0.47%, although again with anemic turnover at 51.06 million euros and the volume at 21.799 million.

Stock market: A breather from 830 units with weekly gains of 4.45%

The large-cap FTSE 25 gained 0.41% to close at 1,993.24 points, the mid-cap rose 0.79% to 1,342 points, while the banking star of the last few days had a session today marginally up 0.13% which brought it to 497.74 units.

For the week, the DG strengthened by 4.45%, the FTSE 25 by 5.12%, the FTSEM by 3.04%, while the banking index rallied 10.82%.

In the midst of intense international uncertainty, the ASE seems to be finding some footing, however the limited trading activity and the fragile global climate are the main obstacles to maintaining its upward trajectory.

The week’s significant gains did not mean much on a technical level, however, as according to Merit Securities the long-term trend remains bearish with the 200-day exponential moving average at 868.77. Support points are 779 and 770 units and resistance points are 840 and 867 units.

At the same time, indications from the international environment are not positive, with private sector activity in the eurozone unexpectedly shrinking for the first time since the coronavirus lockdowns, intensifying concerns about an impending recession.

Notably, S&P Global’s composite PMI fell to a 17-month low in July, as manufacturing output worsened while services sector growth remained largely stagnant.

For her part, after all, Christine Lagarde showed yesterday in essence that the ECB is interested in reducing inflation at any cost, and since it cannot intervene in the external factors that inflate it, in the bank’s “target” is the reduction in demand, which is likely to lead to recession.

Despite the unfavorable environment, however, the Greek economy may have a comparative advantage, as it is poised to record a new all-time record in tourism that will help it erase some of the damage caused by the war, while first-half tax revenues outperformed .

In any case, however, the market shows that it needs rather an external catalyst that will signal a return to investors, significantly raising the turnover.

On the dashboard

Mytilene stood out in today’s transactions with a rise of 2.5%, closely followed by Aegean with +1.96%, ETE with +1.9% and EYDAP with +1.88%.

Major supports were provided by the index-weighted Coca Cola and OPAP with +1.82% and +1.71% respectively, GEK TERNA and TERNA Energieaki strengthened by 0.95% each and Biohalco added 0.88%.

In contrast, PPC posted losses of 2.26% as investors locked in some of the strong gains that preceded it. It is characteristic that even with today’s weekly losses, the company’s title ended at +11.2%.

Elsewhere, ADMIE closed today at -1.56%, Motor Oil at -1.45%, ELPE at -1.44%, Titans at -1.08% and Quest at -1.02 %.

In other banking stocks, Piraeus rose slightly by 0.52%, while Alpha fell by 0.62% and Eurobank by 0.84%.

Source: Capital

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