The Stock Exchange confirmed the 950 points

It may have even tried the 960 points, but the Athens stock market closed lower than the day highs, but positively, for another session, confirming that the break of the 950 points landmark may eventually have strong support.

In particular, the general index closed with gains of 0.57% at 955.76 points, while today it moved between 946.45 points (-0.41%) and 960.88 points (+ 1.10%). The turnover amounted to 112.4 million euros and the volume to 54.2 million units, while 15 million units (24.5 million euros) were traded through pre-agreed transactions, mainly to Alpha Bank (10 million units).

The index of high capitalization closed with an increase of 0.54%, at 2,311.14 points, while at + 0.35% Mid Cap completed the transactions at 1,581.02 points. The banking index closed with gains of 0.55% at 649.19 points.

It started with intense nervousness, reaching up to 960 points, to finally close just above 950 points, which are essentially the big bet of the week. This was the picture of the market today, which was influenced by the corrective pressures that existed in selected securities, but also by the nervousness that several others showed in trying to absorb the securing moves.

Of course, these corrections were both expected and necessary if the market wants to improve its liquidity with the same forces, as long as they do not take on dimensions and violently return the market to the levels it has been hitting for months and did not offer anything for most of 2021. So the stake now is the general index to keep in touch, close if possible, with the 950 points at the end of the week, tomorrow, or in the neutral scenario not to lose the 930 points, the previous ceiling of an accumulation that lasted 9 months. And as a stock market source comments on Capital.gr, the conditions for a positive scenario exist, as long as they mobilize fresh funds that will support the current levels with their purchases and placements.

In the banks the focus

Based on the above, the ideal scenario will be completed if on the one hand the general index closes at these levels per week, but also on the other hand if the banking index successfully crosses over 650 points. It’s a bet the banks owe, given that the sector was over 30% higher when the general was at these levels before the pandemic broke out.

The conditions for banking stocks to move upwards to the four-digit levels of the general index exist, as foreign analysts do not stop to exclude the progress that has been made on the front of the settlement of their balance sheets. In fact, just one day before its scheduled rating for Greece, the rating agency Fitch reiterated its assessment that the NPE index of Greek banks will move to single-digit levels this year, thus approaching European normality.

This is therefore a signal for the upgrading of both the Greek economy and the Greek banks during 2022, bringing Greece closer to the “bet” of the investment grade, and who knows – maybe the beginning will be tomorrow, January 14th.

Dashboard

On the board now, Aegean finally expanded its profits to + 3.25%, with OTE following with + 2.07%. The increase in Hellenic Petroleum, HELEX, Alpha Bank, Motor Oil and Mytilineos was over 1%, while Coca Cola, Piraeus, Ethniki, Lambda and PPC closed slightly higher.

On the other hand, Terna Energy lost 1.62% and GEK Terna 1.51%, with Sarantis, Eurobank, ELHA, Titan, Viohalko, IPTO, OPAP and Ellactor closing with small losses. Jumbo and Quest closed unchanged.