The Stock Exchange slides below 890 points

LAST UPDATE: 16:34

The Athens Stock Exchange is slipping below 890 points at the moment, although the European Central Bank’s decision on monetary tightening did not hide any surprises for the market.

In particular, the General Index records losses of 0.65% at 888.09 points, while the turnover is at 40 million euros and the volume at 10 million units. The FTSE 25 is down 0.78% at 2,145.66 points, while the banking index is down 2.02% at 589.37 points.

The ECB’s decision was more or less expected, with the announcement of the closure of bond markets on 1 July. This decision now paves the way for the first increase in interest rates in over 10 years at its next meeting, also in July. The ECB announced an increase in interest rates by 25 basis points in July 2022.

The ECB will try with its first interventions to put an end to the continuous increase of consumer prices. After all, even in Greece, inflation reached 11.3% in May, gnawing a significant part of income. At the same time, it is expected to give a significant boost to interest rates on banks, improving the outlook for the industry.

Beyond the above, however, the fear of a possible halt to growth momentum is here. There is also the fear of the US economy, as the Federal Reserve is ahead of the ECB in monetary tightening. Thus, the pace of tightening is what will judge the medium-long term course of the Stock Exchange.

On the board

On the board now, Piraeus, PPC and Eurobank are losing more than 2%, while Alpha Bank, Ethniki and ELHA are moving above -1%. Coca Cola, Viohalko, Mytilineos, Aegean, IPTO, PPA, Titan, Sarantis, OTE and Motor Oil are moving slightly down.

On the other hand, Terna Energy gains 1.89%, with Lambda, OPAP, Jumbo, Quest and Ellactor moving slightly upwards. Hellenic Petroleum, GEK Terna and EYDAP are unchanged.