Categories: Markets

The stock market is also playing defense today

of Alexandra Tombra

With the benchmarks under significant pressure and the yield on the Greek 10-year bond reaching 4.10% today, the Athens stock exchange begins September trying to avoid testing the 850-point zone.

In particular, the General Index recorded losses of 0.26% at 854.14 points, while the turnover is at 3.2 million euros and the volume at 1.2 million pieces. The FTSE 25 also recorded a fall of 0.17%, at 2,057.06 points, while the banking index lost 0.56% at 552.84 points.

Although there are some moves to support the levels, these are currently unable to change the negative climate fueled by international pressures. After all, risk aversion remains at the center in an environment where all eyes are on Frankfurt, where the European Central Bank is called upon to resolve the link between high inflation and low growth.

The risk premium that is gradually integrated into risky assets is also reflected in the course of the yield of the Greek bond, which now exceeds 4%, a level considered to be the milestone for the activation of the new support mechanism announced by the ECB. Whether it will step in to stop fragmentation in the Eurozone is a question mark, as the rise in fixed income yields is not just a Greek phenomenon, but affects almost all European bonds.

And this premium is also reflected in the Greek stock market, which has settled near summer lows, negating almost all of the reaction that took place from early July to mid-August. And the big question now is whether the negative scenario of the coming months has been incorporated, or the risk is still high and the downward correction still has a way to go.

On the dashboard

On the board now, Coca Cola’s -2.66% but also Piraeus’ -2.19% are putting pressure on the market, as are more than 1% losses in Eurobank, PPA, Titan and Quest. Biohalco, Motor Oil, Alpha Bank, Hellenic Petroleum, ADMIE, GEK Terna and Ethniki are moving slightly lower.

On the other hand, gains in EYDAP, Sarantis, OPAP, Lambda and Aegean exceed 1%, while Jumbo, OTE, PPC and Mytileneos move slightly upwards. Ellaktor, Terna Energy and ELHA remain unchanged.

Source: Capital

Published by

Recent Posts

AUD/USD is again rejected above 0.6750 and falls to 0.6690

The Australian dollar falls against its G10 rivals during the European session. Initial US jobless…

16 mins ago

Bitzlato is looking for guarantors in the US for its co-founder Anatoly Legkodymov

The Bitzlato crypto exchange team announced that they are looking for US citizens who will…

23 mins ago

Metro strike affects 3 million people in SP: “I have no alternative to get to work”

This Thursday (23) marks one month since cleaning assistant Andrea Guimarães started a new job.…

24 mins ago

The SNB doesn’t like inflation, which makes the franc an interesting currency — SocGen

Kit Juckes, Head of Currency Strategy at Société Générale, analyzes the outlook for the Swiss…

24 mins ago

EUR/JPY Price Analysis: Constructive outlook above the 200-day SMA

EUR/JPY loses some bullish momentum around 143.20. For now, the rally seems likely to continue…

36 mins ago

Cryptocurrency Bank Xapo Adds Support for USDC Deposits

Cryptocurrency custodial service and licensed bank Xapo announced a partnership with Circle to introduce support…

48 mins ago