Stock market: Slow down… but keep the positive trajectory

The Athens Stock Exchange closed positively today, although the pressures from a large portion of its securities stopped the way to the highs of the last period, as it received significant help from securities that were left behind during the recovery from January 25.

In particular, the General Index closed with gains of 0.72% at 954.72 points, while today it moved between 949.57 points (+ 0.18%) and 955.83 points (+ 0.84%). The turnover amounted to 64.2 million euros and the volume to 25.9 million units, while 0.33 million units were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 0.80%, at 2,323.35 points, while at + 0.51% Mid Cap completed the transactions at 1,577.58 points. The banking index closed with a rise of 1% to 695.67 points.

The “backward” covered the ground

Although there were significant corrections in the banking stocks, the pressures were absorbed, while Eurobank was the one that played a leading role today. She was the one who was a little behind in the banking rally of the previous period, but she was also the one who gave impetus to the industry index to reduce the distance by 700 points. However, for the banking sector, the economic recovery combined with the ECB’s support for market financing will further improve the market picture.

Of course, the ATHEX needs its internal corrections, as it has recorded a strong start to the year. It is indicative that since the beginning of 2022, the General Index has gained more than 5% and the banking jump almost 20%, with buyers showing that they have the strength to lead the market higher.

And this behavior may not be accompanied by a development that drastically changed the prospects of the capital market, but as several domestic analysts point out, it was an increase that “owed” the ATHEX to those who endured the multi-month accumulation of 2021. After all, as noted earlier mainly by technical analysts, usually the beginning of a bull market is preceded by a period of accumulation that gradually narrows and the range.

Now the focus is on tomorrow’s meeting of the European Central Bank, where the problem of inflation is expected to prevail. The intentions of the Central Bank regarding the measures it is going to take in order to stop the rise of inflation, as well as the support of Greek bonds after the end of the pandemic program (PEPP) will be seen there. The first signal given in December was positive, as Christine Lagarde confirmed the vote of confidence in the Greek debt. However, the markets will want the confirmation of this signal, in order to continue to trust the Greek assets.

On the board

On the board now, Lambda, Eurobank and Ellactor recorded gains that exceeded 3%, with Jumbo following with + 2.98% and PPC with + 2.25%. Profits in Coca Cola, Aegean and GEK Terna were over 1%, while Titan, ELHA, Alpha Bank, Viohalko, OTE, IPTO, PPA, Piraeus and Motor Oil closed slightly higher.

On the other hand, the losses in OPAP, Saranti and EYDAP exceeded 1%, while Ethniki, Mytilineos and Hellenic Petroleum closed slightly lower. Terna Energy and Quest closed without change.