The Stock Exchange is testing 900 points

of Alexandra Tombra

The Athens Stock Exchange is currently testing its strength in the zone of 900 units, but it does not show that it has the momentum to cross this psychological limit with great determination.

In particular, the General Index records an increase of 0.71% to 903.29 points, while the turnover is at 9 million euros and the volume at 3 million units. The FTSE 25 also recorded an increase of 0.56%, to 2,188.02 points, while the banking index gained 0.68% to 621.73 points.

The market tone may be positive, but buyers’ moods do not indicate that caution has been eliminated. Besides, the week that opens today has a number of developments and announcements, which can change the balances in the market at any time.

The key figures that are expected are the planned announcement of the preliminary data of the domestic GDP of the first quarter on Tuesday (+ 7.9% compared to the first quarter of 2022) while on June 9 the inflation data are expected for May.

At the same time, the meeting of the European Central Bank is expected from all the markets of the old continent. At Thursday’s meeting, the ECB is likely to lay the groundwork for its first rate hike in more than a decade, as nominal inflation has not yet peaked (economists expect it to peak at ~ 9% in October).

In this environment, the market trades above the 30, 50 and 200 day moving averages in a rare simultaneous convergence of the three trend indicators at 886 points, giving buyers a slight lead.

Until the above fronts are clarified, however, the project of a new uptrend will require much better trading data as the increase in supply above the level of 900 points is obvious.

On the board

On the board now, Aegean, Coca Cola, Hellenic Petroleum, PPC, Alpha Bank, Piraeus, Sarantis and ELHA are gaining more than 1%, while Quest, Ethniki, Motor Oil, Terna Energeiaki, GEK Terna, OTE are moving slightly upwards. Lambda, Mytilineos, Viohalko and PPA.

On the other hand, IPTO, OPAP, EYDAP, Ellactor and Eurobank are in negative territory, but none is moving with losses of more than 0.6%. Unchanged are Titan and Jumbo.