Strong 3.9% losses on the Stock Exchange testing long-term support

With sales generalizing over the course of the day as the upward reaction of European indices weakened, the stock market eventually easily lost 800 points, effectively closing in the day low and will now test the long-term support at 780 points.

In particular, the General Index completed trading at 789.66 points with losses of 3.9% and an extremely high turnover of 158.034 million euros, of which 11.64 in packages, the FTSE 25 recorded a fall of 4.15% and fell to 1,889.19 points, as well as the banking index that closed at 517.77 points with a fall of 5.03%.

The ATHEX European indices showed an upward reaction of more than + 2%.

In the course of the trade and against the background of the positive international climate, an attempt was made to come up with defenses that brought the index back above 800 points, however the fact that the European reaction was drastically reduced gave a “signal” for a new round of sales that led DG low over 12 months.

Thus, we are now on the critical long-term support of 780 points, with the intense intraday trading increasing the already extremely high volatility, further complicating the climate.

At the same time, of course, the market shows that it is suitable for stock picking, as shown by the current movement of some shares (OPAP, PPC, Mytilineos, Aegean),

In any case, the geopolitical developments with the Russian invasion of Ukraine will determine the course of the markets, as long as the battles are raging
variability and nervousness are expected to remain key features internationally.

Thus, the short-term estimates at each level are more than precarious, at a time when the crisis in energy prices is intensifying, which will bring chain reactions to both macroeconomic figures and the first quarter performance of listed companies.

On the board

With sellers prevailing, Quest led the losses in high capitalization, ending with strong losses of 11%, OTE came under strong pressure and recorded losses of 7.88% and Coca Cola continued its downward trend with -6.55%.

In general, bank securities were still in the spotlight today (Piraeus -7.01%, Eurobank -6%, Alpha -5.44%), with a positive differentiation of Ethniki that reduced its losses to -1.85%.

On the contrary, Jumbo was positive since the opening of the trading session and completed at + 1.92%, Sarantis also moved positively with + 1.42%, TERNA Energy failed to remain on positive ground but closed unchanged, and Aegean presented marginal losses of 0.4%.

M. Chachladakis