The Stock Market is fighting for the sign

LAST UPDATE: 12:08 p.m

Not even today, as it seems, can the Athens Stock Exchange show some reaction, able to bring it again close to the psychological limit of 800 units, as the sellers returned to most of its securities.

In particular, the General Index registers a rise of 0.13% to 780.66 units, while the turnover is at 21.3 million euros and the volume at 10.6 million pieces. The FTSE 25 also recorded gains of 0.35%, at 1,860.79 points, while the banking index increased by 0.46% at 445.22 points.

After yesterday’s plunge of 9%, the banking industry today is trying to recover some of the losses, but the pressures on the National Bank once again send the message that confidence is at very low levels, despite the attractive valuations to which it has retreated. It is characteristic that three of the four systemic banking stocks are trading below 1%, with the sector index having lost more than 30% since the beginning of May.

And this picture comes at a time when the four groups have made a huge leap in the quality of their financials and under the positive news of higher interest rates that will lead them to improve net interest income, the outlook is positive, if not optimistic. At the same time, the economy, at least the Greek one, in which they operate, is not currently in danger of any strong recessionary risk, although the estimates are now lower than those at the beginning of the year.

So where does this image of the industry come from? According to stock market sources, banking stocks were held captive by portfolios particularly sensitive to global risk, therefore among the first candidates in a wave of risk offs. It was something that was evident in several sessions where the sector took a dive, bigger than expected and the overall picture of the market, like yesterday.

On the dashboard

On the board now, Alpha Bank scores a gain of 2.41% with Mytilene, OPAP and Piraeus following with an increase of more than 1%. PPC, EYDAP, Aegean, Coca Cola, Hellenic Petroleum, PPA, OTE, ADMIE, Eurobank and Ellactor are moving slightly upwards.

On the contrary, Quest loses 3.11%, with Motor Oil and Terna Energy following with -2.32% and -2.22% respectively. At -1.55% is GEK Terna, while Ethniki, Viochalco, ELHA and Lambda are slightly down. Without change are Titan, Sarantis and Jumbo.