Stuck in the zone of 860 units the Stock Exchange

Even today, the Athens Stock Exchange did not manage to escape from the zone of 860 points, with the banks and the big weight in the market recovery emerging again.

In particular, the general index closed with an increase of 0.21% to 862.66 points, while today it moved between 877.25 points (+ 1.91%) and 859.71 points (-0.13%).

The turnover amounted to 86.85 million euros and the volume to 36.43 thousand units, while 1.3 million units were traded through pre-agreed transactions.

The index of high capitalization closed with a fall of 0.18%, at 2,072.22 points, while at + 1.27% Mid Cap completed the transactions at 1,410.94 points. The banking index closed with losses of 1.02% at 571.15 points.

No matter how hard the buyers tried today, the pressures exerted on the banks (mainly), were the main reason for the fixation of the general index in the zone of 860 points for the third consecutive meeting. After all, the report of the 702 points on April 21 of the banking index, at 572 points today, is enough to show that the industry is trapped in the vortex of risk off, due to the currently revised estimates for the economy.

Technically, in fact, according to Ap. Manthos of Aenaon Markets, the daily and weekly charts of both the Banking Index and the four banking houses now show intense concern. The downward movement has dissolved in its passage strong supports such as those at 650, 625, 600 and now lately it is testing the endurance of 570 units. Below that, the index does not have anything with a “vigor” of repulsion to its low of 08/03 at 505 points or another, ie -12.5% ​​from yesterday’s closing at 577 points.

After all, as DBRS points out in today’s report, a longer-term impact on commodity prices and inflation could lead to lower growth in Greece, while additional measures may be needed to support businesses and households.

And all this at a time when the ten-year yield is at 3.49%, affecting the borrowing costs of Greek listed companies. That is, at a time when domestic business is looking for ways to participate in the recovery of the Greek economy, the ECB will try to control the money supply, in order to set a limit to ever-increasing inflation.

ECB President Christine Lagarde even confirmed this today, meaning that the first interest rate hike could come weeks after the end of the bond-buying program at the beginning of next quarter. That is, in July.

On the board

On the board now, Viochalco recorded gains of 5.12%, with Sarantis and Quest following with + 2.99% and + 2.18%. The increase in ELHA, GEK Terna, Motor Oil, Titan, Hellenic Petroleum and Piraeus was over 1%, while Coca Cola, Lamda, IPTO, OTE, EYDAP and Mytilineos closed slightly higher.

On the other hand, the fall in Alpha Bank, Jumbo and Ethniki was over 1%, while OPAP, Eurobank, Aegean, Terna Energy and Ellaktor closed slightly lower. PPA and PPC closed unchanged.