Markets

Stock market: Struggling with sign in shadow of banking dip

July 4, 2022
10:42 AM

With the banking sector at the center of the losses, the Athens stock exchange not only lost its morning gains, but is now struggling for the mark a few points above the 800 mark.

In particular, the General Index registers a rise of 0.05% to 806.23 units, while the turnover is at 17.6 million euros and the volume at 7.3 million pieces. The FTSE 25 also recorded losses of 0.14%, at 1,926.81 points, while the banking index fell by 3.26% at 479.37 points.

The banking index was weak from the beginning of the session, but since 13:00 the pressures have intensified on all four systemic ones. As a result of these pressures, the general index is struggling with the sign, as even +3% of the OTE weighted index is not enough to be able to “mask” the shallowness of the market.

Technical picture

Technically the general index continues to trace the zone of 800 units, recalling the lows of the year at 788 and having very important technical data at the levels. In any case a confirmed buy signal, according to Fast Finance, we have over 845 points at the close of the day with a good chance that the number will go even lower.

The support for the general index is at 785 – 805 points, which if confirmed can give the market an upward breath. In the FTSE 25, the zone of 1,880 – 1,905 points is a support zone and a low for the year. 1,985 on the other hand is a nearby resistance that can be secured by 2,042 units. The bank had support at 488 units, which are breaking downwards opening the way to 460 units. 515 units is nearby resistance.

On the dashboard

On the board now, OTE is gaining 3.05%, with Jumbo, PPC, OPAP and Sarantis following with gains of over 1%. ADMIE, GEK Terna, Lambda, Motor Oil, EYDAP, PPA, Hellenic Petroleum, Quest and Terna Energy are moving slightly upwards.

On the contrary, Alpha Bank loses 4.58%, Piraeus is at -3.16%, Ethniki at -2.41% and Eurobank at -1.94%. Mytileneos, Biochalco, Coca Cola, Titan and ELHA are moving slightly down. Aegean and Ellactor are unchanged.

Source: Capital

Sophia

I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.