Stock market: The decline continued – Via OTE maintained the 850 units

A new dip, in the zone of 850 points, was recorded today by the Athens stock exchange, which if it had not had the OTE index jump (+ 6%), would have closed near the day low, below 840 points. Major European stock markets are also experiencing heavy losses as global markets are shaken by worries about frantic inflation and the impact on consumption.

In particular, the General Index closed with a fall of 1.79% to 851.20 points, while today it moved between 858 points (-1.01%) and 838.37 points (-3.27%). The turnover amounted to 122.90 million euros and the volume to 43.24 thousand units, while 1.61 million units were traded through pre-agreed transactions.

The large-cap index closed down 1.92% at 2,041.27 points, while Mid Cap closed at -0.93% at 1,400.86 points. The banking index closed with losses of 4.35% at 540.76 points.

The great reaction of OTE “saved” the zone of 850 points for the General Index today, although the closure was marginally above this psychological limit. However, he managed to stay in the zone and get away from the lows of the day, which were at 838 points.

Needless to say, for another day, a regional and shallow market, such as the Greek one, is now finding it difficult to raise defenses in the global sell off that has been taking place lately. And the Greek economy may have developed a significant momentum in its upward course, but it will not be the range estimated in the past, resulting in a significant rerating in the positions of most portfolios.

Thus, the ATHEX remains in a downward channel, as it technically keeps the way open for sliding to lower levels. The break of 850 points will lead the General Index to the low area of ​​last March, testing prices around 800 points.

The question, of course, is whether a securities absorbs part of any purchase orders that occur, such as today OTE, so that the rerating in the portfolios is not completely negative for the ATHEX. The difficult ones are therefore ahead and impose much stricter criteria for selecting stocks that will take into account the resilience in the difficult environment.

On the board

On the board now, Piraeus lost 7.82%, with Ethniki and Viohalko following with -5.70% and -5.47%. Over 4% was the drop in Alpha Bank and Mytilineos, over 3% in Jumbo and Coca Cola and over 2% in IPTO, Motor Oil, Quest, PPC and Terna Energy.

The losses in Titan, PPA, EYDAP, Eurobank, ELHA, GEK Terna and Lambda exceeded 1%, while Aegean, Hellenic Petroleum, Ellactor and Sarantis kept them under control. OPAP, on the other hand, closed at + 0.45%, with OTE stealing the show with +, 6.01%.