Stock market: Bent to 940 points, but did not succumb

The Athens Stock Exchange plunged into the zone of 940 points today, which, although it fought against the imported pressures, finally bent on both the uncertainty of the levels and the concern about the final resistance of the buyers at the highest levels of the last seven years. .

In particular, the General Index closed with losses of 1.58% at 942.46 points, while today it moved between 939.42 points (-1.90%) and 951.36 points (-0.65%). The turnover amounted to 103.4 million euros and the volume to 54.3 million units, while 13.7 million units (worth 19.5 million euros) were traded through pre-agreed transactions, mainly to Alpha Bank.

The high capitalization index closed with losses of 1.57%, at 2,277.47 points, while at -1.58% Mid Cap completed the trading at 1,555.57 points. The banking index closed down 1.45% at 653.63 points.

On a weekly basis, the General Index closed with losses of 0.72%, while the FTSE 25 fell by 0.63%. However, the rise in the banking index reached 1.64%.

Endurance but also uncertainties

Against the international trend, the misery and misfortune of the last 11 years, the Athens Stock Exchange showed character last week, making the difference, remaining the first in the market in terms of performance in Europe, observes M. Hatzidakis of Beta Securities. The rise is not the necessary issue, however after a while the behavior of investors does not show signs of panic or dissolution in the downward trends observed in the main stock exchanges abroad.

At the same time, the unusual resilience of Athens Avenue has increased the degree of efficiency in news giving the feeling of a mature market. Profitability (Jumbo, Papoutsanis, Profile), business deals (Fourlis, Cenergy) as well as analysis reports with revised target prices were generally welcomed by a market that seems willing to take bets across the range of capitalizations. A market that does not allow for large declines despite the accumulated rapid gains builds upward psychology and always has a small part to differentiate in meetings with increased supply.

Banks have played an important role in reversing the trend, they seem to have shaken off the characterization of the weak link and their corrections are within some reasonable limits. This is not just a technical remark, it also has a fundamental background: the environment of rising interest rates favors them, credit expansion will support recurring income, rising real estate prices increase the value of collateral, payment suspensions have gone better than expected . Therefore in a mild stock market environment the industry has the conditions to remain in the spotlight.

At the same time, inflationary pressures increase the chances of raising interest rates during the year, revising upwards the target of increases that central banks could reach. The geopolitical tension in Ukraine has now been monitored on a daily basis as the impact on energy costs is strong and the reception of the fourth quarter results in the US shows that there is difficulty in repeating the performance of the third quarter which was the best of all. seasons.

All these uncertainties have their sound abroad due to the high valuations and their possible intensity will affect the domestic market as well. For now, however, the ATHEX has shown resilience, reminiscent of other times.

The technical image

Technically, the accumulation in the zone of 950 units discharged the oscillators which are now moving below the overbought areas. This correction did not cost the General Index, on the contrary, the market showed more willingness to maintain levels, keeping a long distance from the levels at which the moving averages of 30 and 50 days move. Although not a new high this week, the General Index saw a higher closing on Thursday.

Even in Friday’s session, prices were not paid significantly lower than 940 points, nevertheless, the correction made a turnover, an indication of the increase in supply. As long as the market is kept at a distance of 905 points, the upward scenario is valid. However, the escape above 960 units may take some more time, as the accumulation continues. The continuation of the sideways movement gathers the most chances next week with the international factor having the first say in the direction of the market.

On the board

On the board now, ELHA recorded losses of 3.45%, with Lambda, Hellenic Petroleum, Terna Energy, Viohalco, Coca Cola, Ellactor, Mytilineo, Motor Oil and OPAP following with a drop that exceeded 2%.

The losses in Quest, Piraeus, Ethniki, PPA, EYDAP, GEK Terna, PPC, Eurobank, Alpha Bank and Sarantis exceeded 1%, while IPTO, Jumbo, Titan, Aegean and OTE closed slightly lower.