Stock market: It lost momentum but kept the positive sign

The start of the stock market week for the Athens market leaves mixed feelings, as it maintained the positive sign until the end but lost all its momentum closing in the low of the day, without being able to “capitalize” the strengthened climate internationally.

In particular, in another session with strong volatility, the General Index opened at 832 points, reached 849 and finally ended at 830.02 with a marginal increase of 0.25% and an extremely low turnover of 63.5 million euros.

The FTSE 25 closed marginally positive by 0.15% at 1,993 points, while the banking index, which largely determined the pace of trading throughout the session, eventually reached 569 points, limiting its rise to + 1.5%.

European markets have welcomed new signs of diplomatic convergence between Russia and Ukraine, with gains of more than 2% as commodities have seen their prices fall sharply.

In particular, oil recorded new strong losses of up to 9% with prices following a move to fall below $ 100, while gas fell below 120 euros, after last week’s jump to 345.

In this climate, the General Index started the session strongly and reached the fringes of 849 points, a point at which, however, showed an inability to change level with investors choosing profit-taking moves to close at the day low.

The week, however, has a number of economic events and is expected to be interesting, in addition to any developments in peace efforts in Ukraine. In the main points, Moody’s and DBRS announce on Friday their ratings for the Greek debt, while the financial results of the banks continue with Alpha Bank today and Piraeus Bank and National Bank tomorrow.

In addition, the long-awaited meeting of the Fed will take place on Wednesday, at which the federal bank will announce, except unexpectedly, the increase in interest rates by 25 basis points.

The technical image

Today’s meeting left the data virtually unchanged at the technical level, with DG targeting 856 points in the first phase.

As Giannis Giaprakis of VitalFinance notes, “technically the markets have kept the key support and with the beginning of the new week they are gaining ground by clicking on the basic scenario which is a reaction from the over-sold levels where they were found”.

“For DG the level of 857-880 points is the target, focusing on the banking sector and over 900 points the trend is positively revised”, while at the international level “DAX over 14,100 points sees the level of 14,800 – 15,100 units “.

In any case, “the variability remains, as at the same time with all the events we have a triple download of derivatives next Friday”.

On the board

At the top of March 25, MIG finished with an increase of 4.4%, followed closely by the National Bank with 4.09%, Quest closed at + 2.79%, Biochalco with + 2.21%, while PPA (1, 82%), Lambda (1.72%), Coca Cola (1.55) and GEK TERNA (1.44%) completed the first places.

The other banking securities lost most of their momentum in the course of transactions, but ended with a positive sign (Alpha + 0.97%, Eurobank + 0.72%, Piraeus + 0.39%).

On the contrary, EYDAP and Jumbo received the biggest pressures with -2.2% and -2.6% respectively, OTE closed at -1.72%, OPAP at -1.37% and ELVALHALCOR at -1.16% .

In the medium capitalization, the rally of 6.63% of AVAX stood out, while Intracom followed with + 3.4%.

Of the total stocks, 68 were up, 29 were down and 57 were flat.

M. Chachladakis