The Stock Market is regaining its upward momentum

Today, the Athens stock market is going through forty waves, which, although it received some pressure a little earlier, losing most of its morning gains, is now regaining its upward momentum, heading towards 790 units.

In particular, the General Index registers a rise of 1.31% to 789.90 units, while the turnover is at 30.8 million euros and the volume at 16.4 million pieces. The FTSE 25 also recorded gains of 1.69%, at 1,885.72 points, while the banking index increased by 2.78% at 455.49 points.

On the one hand, the prime minister’s speech in the Parliament, where no pre-election allusion was heard, at least for now, and on the other hand the upgrade of the forecasts for the economy by HSBC gave breathing space to the market, which is looking for some support to recover part of the losses of the previous period. Thus, from the zone of 780 units it rises again to that of 790 units, with the sellers having folded again.

after all, HSBC emphatically stated today that there will be no slowdown in growth in Greece. In fact, it proceeded with a significant upward revision of its forecasts thanks to the strong tourism activity, now estimating that the growth of the Greek GDP will reach 6.5% this year from the 4% it predicted before, while it lowers the bar for growth in 2023 , to 3.5% from 4% previously. As for inflation, he puts it at 9.2% this year from the 6.5% he previously forecast, while in 2023 he estimates it will drop to 3.9% (from 2% previously).

Of course, in order for the ASE to get out of the difficult downward cycle that has started since the end of April, the general index should immediately rise above 800-810 units, but also be driven with increased turnover towards the zone of 850 units . Only then will it undo the bearish trajectory it has erased and shows the test of 770 units as a matter of time.

On the dashboard

On the board now, Alpha Bank, Piraeus and OPAP mark a jump of 3%, with EYDAP, Hellenic Petroleum, Mytileneo, PPC, Titan, Eurobank and Ethniki following with an increase of more than 2%. Above +1% are Aegean, Lambda, ADMIE, OTE, PPA and Coca Cola.

Jumbo, Viochalko, ELHA, Sarantis and Ellactor are moving slightly upwards, with Quest, Terna Energy and Motor Oil on the opposite side moving with losses exceeding 1%. GEK Terna loses 0.77%.