Stock market: Slight rise amid opposing forces

LAST UPDATE 11:55

The Athens market is trying to stabilize on positive ground, as the lack of progress in the Ukrainian and the new escalation of oil prices offset the optimism from the upgrade of the Greek economy by DBRS.

In particular, the General Index after a dynamic start that brought it to 870 points then deleted its profits passing marginally and in a negative sign, from where it returned to 864.81 points with an increase of 0.23%, while the turnover is maintained at low levels. at 11 million.

Following a similar course, the FTSE 25 is now moving at 2,084 points with + 0.11%, as is the banking index which is up 0.27% at 620 points.

To the votes of confidence in the Greek economy that have been given lately by international companies was added on Friday night and that of the Canadian DBRS, which upgraded the country’s debt to BB (high).

In fact, the market seems to be already pricing the development to some extent, as buyers of non-bank blue chips have been activated, which provide support to the DG in order to maintain it on positive ground despite the losses in Piraeus, Eurobank and OTE.

More generally, global market attention continues to be focused on the Ukrainian front, but no progress has been made over the weekend.

In the latest developments, Ukrainian President Vladimir Zelensky has said he is ready to talk to Putin’s Russian counterpart, but warned that if those talks do not work, then the world is heading for a third world war.

On the European charts, after a cautious start, the indicators of the Old Continent are now attempting an upward movement, albeit with small changes, while the futures of the American market show slightly declining trends after the end of the best week for Wall Street from 2020.

At the same time, oil prices have rebounded to above $ 110, raising concerns about persistently rising inflation in European and US economies, as European gas continues to see de-escalation pressures. and is around 100 euros.

At a technical level, nothing has changed in the image of the Greek stock market, as the DG, while it is above 850 points, looks at the zone of 880-890 points, where the upward reaction that started from 788 points is completed.

From there on, we have a reversal of the trend by exceeding 900 units and staying at these levels.

On the board

The share of Viohalco is at the top of the FTSE 25 with a strong rise of 3.54%, Motor Oil after the significant losses on Friday counterattacked with + 2.75% and Coca Cola follows with + 1.91% remaining above 20 euro.

Among the banking shares, the NBG stands out with + 1.61%, Alpha is still strengthening by 0.51%, while Eurobank is falling by 0.43% and Piraeus by 0.64%.

On the contrary, Quest is under pressure after the listing of the new shares and is at – 2.44%, Jumbo is down by 1.4%, Aegean by 1.3% and OTE by 1%.

In the medium capitalization, buyers are activated in Cenergy which moves to + 0.85%, Fourlis is strengthened by 2% and Epsilon by 2.9%.

M. Chachladakis