Stock market: With ELPE and Ethniki towards 790 units

The Athens Stock Exchange is currently moving towards 790 units, which is receiving a strong boost from the National Bank and Hellenic Petroleum, in an attempt to show a convincing reaction.

In particular, the General Index registers a rise of 1.21% to 788.59 units, while the turnover is at 31 million euros and the volume at 17.2 million pieces. The FTSE 25 also recorded gains of 1.51%, at 1,885.70 points, while the banking index rose 3.83% at 464.06 points.

After yesterday’s banking dive, the AXA today finds unexpected support from the three banking shares (except for Piraeus, which made a new record low today at 0.7896 euros), which “needed” a reaction. A reaction after the continuous decline of the last few weeks. Moreover, the fact that from 700 points on April 21st, the banking index dropped to 443 points yesterday, losing 1/3 of its value during this period, was characteristic.

Of course, the effect of this banking reaction is almost neutralized by the strong losses of the index weights Coca Cola and Motor Oil, which are under strong pressure due to the dividend cut. However, if the reaction continues, then the sector can lead the General Index to the zone of 800 units, at least improving the psychology of the market.

The question therefore is whether the market has seen its lows, or if today’s decline is a “break” in the reduction in risk that has eaten away at valuations. As several analysts report, the uncertainty is so great that any assessment risks being immediately refuted. That is why they recommend moves that have a longer horizon, so that many portfolios can secure positions that will pay off significantly in the long run.

On the dashboard

On the board now, Hellenic Petroleum and Ethniki jump 7.47% and 6.93% respectively, with Jumbo and EYDAP following with +4.20% and +4.57% respectively. Above 3% is the rise in Biochalco and ELCHA and above 2% in Sarantis, Aegean, Titan, Alpha Bank, ADMIE and Eurobank.

The profits in Mytilineo, OTE, OPAP and PPA exceed 1%, while PPC, GEK Terna and Terna Energy are moving slightly upwards. Ellactor has no change, while Lambda, Quest and Piraeus are under mild pressure. Coca Cola loses 2.50% and Motor Oil is at -4.67%.