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With losses below 930 points, the Athens Stock Exchange finally closed today, as it failed to disconnect from the extremely negative international climate, nor to remove the political uncertainty that prevailed yesterday, in view of the vote of motion of censure against the government .
In particular, the General Index closed with losses of 1.09% at 924.42 points, while today it moved between 918.19 points (-1.75%) and 934.83 points (+ 0.03%). The turnover amounted to 89.6 million euros and the volume to 32.3 million units, while 3.7 million units were traded through pre-agreed transactions.
The high capitalization index closed with losses of 1.16%, at 2,237.66 points, while at -0.93%, Mid Cap completed the trading at 1,548.46 points. The banking index closed down 0.53% at 657.86 points.
On a weekly basis, the general index closed with losses of 1.91%, while the FTSE 25 fell by 1.74%. However, the rise in the banking index reached 0.64%.
It bent but did not break
The declining international climate has gradually affected the domestic market, which despite its rapid decline from a high of 960 points remains a positive sign for the whole of 2022, says M. Hatzidakis of Beta Securities. The banking sector is helping the strength of the index with the National Bank taking the baton from Alpha Bank this week and recording a high of 45 months, leading the industry, which shows a consistently positive change of attitude even in days of increased supply.
Nevertheless, the constant pressures recorded in America did not leave much room for maintaining the upward climate, resulting in the return of caution and the waiting of some young people who would unload the stock market scene. Pandemic, interest rates and energy crisis are at the center of the concerns of investors internationally who this week reduced their risk in the stock markets. The lack of significant domestic economic news did not leave much room for autonomy, with the result that synchronization with foreign markets returned, recalling the importance of the international factor in shaping the climate.
January surprised positively with the mobility observed in the Market and surely the report would be much better in a milder external environment. The average daily trading activity is increased by 13.2% compared to the total of 2021 and 23.3% compared to January last year. The banking sector shows an increase of about 14% since the beginning of the year while most listed companies are higher than the beginning of the year, pricing the growth prospects expected for Greece.
After the announcement of the results of Mytilineos there is a significant time distance until the next scheduled announcements following or increasing the correlation of the trend with abroad. With this as a given, the ECB monetary policy meeting of the Eurozone next Thursday acquires an important role in shaping the psychology.
Technical image
Technically, the General Index has not yet been delivered to sellers. A first test at 914 points showed a reaction, however the technical requirement is to maintain the 904 units limit beyond which the moving average of 50 days passes while a little lower (895 points) passes the lateral support from January 2021.
The break-up of this zone will put the upward trend in adventure as the distance from the 200-day moving average will have been reduced to almost 2.5%. The next bet of the upward reaction is most likely to be played between the trend line and the 50-day moving average, supported by the accumulations that have preceded since last September.
Otherwise the 880 units will have the character of “the mother of all battles”. The oscillators after their discharge from the overvalued zones move in a neutral field, leaving open all the possibilities, while the MACD has given sell signals since last Monday. In conclusion, the course of the General Index towards the area of 910 points seems to be difficult to avoid, Friday’s turnover maintains the intensity of pressures which have not yet shown signs of relaxation, concludes Mr. Hatzidakis.
On the board
On the board now, Jumbo lost 3.13%, with Hellenic Petroleum, Motor Oil and Aegean following with losses of more than 2%. OPAP, Lambda, Titan, Coca Cola, PPC, Mytilineos, Alpha Bank and GEK Terna closed above -1%.
OTE, Piraeus, Viohalko, ELHA, Eurobank, IPTO, PPA, EYDAP and Quest closed slightly lower, while Ellactor, Sarantis and Ethniki closed slightly higher. Terna Energy closed at + 1.89%.
