The Stock Exchange fought profit taking

The Athens stock exchange moved correctively on Friday, which, although with a low turnover, managed to keep its weekly gains above 3%, thus leaving behind the turmoil caused by the political developments of the previous Friday.

In particular, the general index closed with losses of 0.45% at 878.76 points, while today it moved between 873.63 points (-1.04%) and 881.83 points (-0.11%). The turnover amounted to 44.1 million euros and the volume to 18.4 million pieces, while 6 million pieces were traded through pre-agreed transactions.

The high capitalization index closed with losses of 0.40%, at 2,121.10 points, while the Mid Cap ended trading at -0.37% at 1,391.84 points. The banking index closed with gains of 0.20% at 572.51 points.

For the week, the general index gained 3.47% and the FTSE 25 gained 3.69%. The banking index jumped 6.64% in the five-day period.

With an eye on the Parliament and the… USA

The market today parlayed the gains of a good week, during which it sent the message that it needs political stability to be able to defend itself against international uncertainty. Otherwise, it is vulnerable to early election scenarios, as last week’s overreaction showed.

Clearly, the trading activity this week did not reflect the intentions of the portfolios active in Athens Street, with the 15th of August affecting the “order buttons”, however, in the last session before the holiday, the AX managed to move close to 40 million. euros, a performance that had not been achieved in previous years.

At the same time, there are only 10 days left before the political fight returns to the seats of the Parliament, with the market waiting to diagnose at what levels the risk of early elections is. As Capital.gr reports, work in the Parliament will begin on August 22, when the parties will also meet at the Conference of Presidents to plan the next parliamentary moves around the issue, that is, the… timeline of the fight.

Also, what stock market sources pointed out to Capital.gr is that AXA “connected” more with the climate of the American markets, and less with the reticence of the European ones, following more the jump of Wall Street, which caused the better than expected data for the inflation. Of course, the paradox is that the Greek market cannot be “insulated” from possible disturbances caused by the Federal Reserve’s policy on European soil, as it operates in euro terms, and will therefore be affected by the exchange rate with the dollar.

In any case, as long as the general index remains above 870 points, its short-term trend is maintained as positive, with the big bet being to keep these levels in the “weak” trading week ahead. Therefore, any liquidations that will be caused by the profit securing movements, should contain the liquidity within the walls of L. Athens.

On the dashboard

On the board now, OTE, OPAP and Sarantis were the three big weights in the market, as they closed with losses that exceeded 2%, while GEK Terna and ADMIE were down more than 1%. Titan, Quest, Lambda, Hellenic Petroleum, Alpha Bank, PPC, Piraeus, Terna Energy, Coca Cola, Motor Oil and Biohalco closed slightly down.

On the contrary, Mytileneos continued the very good course of the week with today’s +2.13%, while PPA, Ethniki and Aegean closed with gains that exceeded 1%. Jumbo, ELHA, EYDAP and Ellactor closed slightly higher. Eurobank closed unchanged.