Trading activity may have remained low again, but the Athens Stock Exchange managed to continue its upward trend, breaking with characteristic ease the resistance of 910 points.
In particular, the general index closed with an increase of 1.24% to 917.52 points, while today it moved between 917.89 points (+ 1.28%) and 904.69 points (-0.17%). The turnover amounted to 70.15 million euros and the volume to 24.12 million units, while 981 thousand units were traded through pre-agreed transactions.
The index of high capitalization closed with an increase of 1.54%, at 2,231.13 points, while at + 0.46% Mid Cap completed the transactions at 1,547.88 points. The banking index closed with gains of 1.34% at 653 points.
The ATHEX seems to be able to cover the lost ground caused by the war in Ukraine, at a time when the international climate is fragile and generally negative. And in view of the forthcoming meeting of the European Central Bank on Thursday, the interest remains relatively satisfactory, if one considers that the market has in view of the holiday on Friday and Monday due to Easter.
What El. Zacharakis of Fast Finance points out today is that the market and the economy are going through the second quarter of the year, waiting to see the first results of the companies and to what extent they were affected by the war. And this will clearly improve the visibility of investors. The fear of stagnant inflation is pervasive with only the increase of interest rates by the Central Banks and at the same time reduction of their balance sheets. In our case we are waiting for the middle of summer to raise interest rates after a long apnea. The scenario is not easy since it is a given that the growth and at the same time the profits of the companies will be affected.
According to Mr. Zacharakis, Greece is definitely in a better position, however it will affect its growth rates. The truth is that the country has seen everything in the last 12 years and now it is based on new data coming from external factors. This does not mean that it can not achieve strong growth rates and be largely freed from international developments.
The technical image
Technically, the general index set the bar to move higher, as today it showed not to worry about the resistance of 910 points, which paves the way for the zone of 935 points. On the other hand, the support is located at 880 units, the downward break of which will enhance the downward movement. The FTSE 25 also broke the 2,210 points, while the banking is far from the resistance of 667 points.
Beyond the above, however, the oscillators are in the middle of the range, indicating a significant upside margin for the continuation, which is located at 940 points, where the downward gap in the starting price of the fall, which brought the general index to the low of 788 points, is located. The question now is whether this week buyers will remain more cautious, due to Easter, or take advantage of the backlog of several titles, such as Coca Cola, to exhaust the upside margins.
On the board
On the board now, PPC gained 7.37% and gave a big boost to the market, as did Eurobank, Jumbo and PPA, which closed with a profit of more than 4%. GEK Terna closed at + 2.12%, while the rise in Ethniki, EYDAP, Coca Cola, Lambda, Motor Oil, Aegean, Viohalko, ELHA and Terna Energeiaki was over 1%.
Hellenic Petroleum, Mytilineos, OTE and OPAP closed slightly higher, with Titan and IPTO closing unchanged. On the other hand, the fall in Piraeus, Alpha Bank, Quest and Sarantis was over 1%, while Ellactor closed with losses of 2.92%.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
