The Stock Exchange resisted the banking pressures

Close to, but above the psychological limit of the zone of 800 units, the Athens Stock Exchange landed today, which although it tried to move higher today, the pounding received by banking shares, as well as Mytileneos, did not leave much room for buyers .

In particular, the General Index closed with a fall of 0.03% at 805.55 points, while today it moved between 801.57 points (-0.52%) and 812.23 points (+0.80%). The turnover stood at 40.5 million euros and the volume at 19.8 million pieces, while 0.1 million pieces were traded through pre-agreed transactions.

The high-cap index closed down 0.07%, at 1,928.16 points, while the Mid Cap closed +0.28% at 1,288.25 points. The banking index closed down 1.72% at 471.05 points.

Concern over ECB manipulations

Although the market today had OTE’s earnings as a big bulwark to sellers, it eventually succumbed as the pressures on the banking industry were heavy. Also, low levels of turnover, as is traditionally the case on days when the US market is on a holiday (July 4), did not help other stocks to hold their positive sign, as even small orders changed the variance.

The AX may also be adapting to the new reality, since, as Il. Zacharakis points out, July seems to be the first month that we will have increased interest rates from the ECB, with the bond market having discounted much more. Inflation continues to plague economies with base metals on the one hand having begun a significant correction, yet we do not see the same picture in oil and natural gas.

Also weighing heavily today was a Reuters report that Bundesbank President Joachim Nagel had hit back at the ECB’s pledge to offer fresh support to heavily indebted southern countries at last month’s emergency meeting, rekindling the gap between the ECB and the biggest of its shareholder, sources told Reuters. But Nagel disagreed with that decision, arguing that the ECB’s focus should instead be on fighting high inflation, sources told the news agency.

Technical picture

Technically the General Index continues to trace the zone of 800 points, recalling the lows of the year at 788 and having very important technical data at the levels. In any case a confirmed buy signal, according to Fast Finance, we have over 845 points at the close of the day with a good chance that the number will go even lower.

The support for the General Index is at 785-805 points, which if confirmed can give the market an upward breath. In the FTSE 25, the zone of 1,880-1,905 points is a support zone and a low for the year. 1,985, on the other hand, is a nearby resistance that, if secured, can give us 2,042 units. The banking index had support at 488 units, which are breaking downwards opening the way to 460 units. 515 units is nearby resistance.

On the dashboard

On the board now, Mytileneos and Alpha Bank posted losses of 3.56% and 3.31% respectively, with Piraeus down 2.49%. Viohalco, Lambda, Eurobank and Titan were down more than 1%, while ADMIE, Terna Energy, GEK Terna, Hellenic Petroleum, Motor Oil, Ethniki and Coca Cola all closed slightly down.

On the other hand, OTE and Jumbo gained 2.92% and 2.12% respectively, with EYDAP, OPAP, Sarantis, PPA and Aegean following with an increase of more than 1%. PPC, Quest and ELHA closed slightly higher, with Ellaktor closing unchanged.