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The stock market continued to rise

It may have struggled for another day, but the Athens Stock Exchange managed to close today in positive territory as well, taking another step towards the big milestone of 900 units, this time with the banking sector on its side.

In particular, the general index closed with a rise of 0.36% at 897.63 points, while today it moved between 889.59 points (-0.53%) and 897.83 points (+0.39%). The turnover amounted to 50.3 million euros and the volume to 23.9 million pieces, while 4.4 million pieces were traded through pre-agreed transactions.

The stock market continued to rise

The high capitalization index closed with an increase of 0.47%, at 2,174.74 points, while the Mid Cap closed at -0.11% at 1,395.30 points. The banking index closed with gains of 1.36% at 594.26 points.

From -1.20% in the morning to +1.3% at the close. This move in the banking index was enough to signal a reversal of the morning’s negative sentiment and confirm another day of the market’s upward movement, which is sustained even with several obstacles. So visibility of 900 points remains good, with the market proving that even in the middle of August, recovery may still have a way to go.

Today’s analysis by HSBC also provided significant support, which increased the target prices of Greek banks due to the better expected results of the second 3 months. As HSBC reports, Greek banks surprised with strong loan growth, faster readjustment of securities on their books and strong fee income in the second quarter, adding that the positive impact of interest rate hikes on loan yields has not still recorded. It also notes that banks have managed operating costs well and there have been no early signs of deterioration in asset quality.

After this session, the certified analyst Petros Steriotis, emphasizes that the AX does not show obvious trends of “hypophobia” at the levels, so he is invited for the rest of the week to manage the indications offered by the “overbought” RSI daily oscillator at half-year highs , as well as the psychological “barrier” of 900+ units.

The strength of the AX will soon be tested by the new alarming signals sent by the international bond markets and while the annual inflation in Britain was measured above 10% for the first time in the last 40 years. Under these conditions, the next moves of the European Central Bank in the effort to combat the surrounding atmosphere of galloping inflation will be of particular importance for the risk-taking mood in Athens Avenue as well, according to Mr. Steriotis.


On the board now, Terna Energy and Alpha Bank led the general index with their gains of over 2%, while the contribution of Biohalco, GEK Terna, Ethniki, OPAP and Quest was also important, which closed with gains of over 1% . Piraeus, Coca Cola, Titan, Motor Oil, Eurobank, PPA, EYDAP, Jumbo and ELHA closed slightly higher.

On the other hand, PPC and Ellactor came under strong pressure, closing with losses of 2.76% and 2.06% respectively, with Mytileneos and Sarantis registering a drop of more than 1%. Aegean, Hellenic Petroleum, Lambda, OTE and ADMIE closed slightly down.

Source: Capital

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