The stock market loses all 800 points

LAST UPDATE: 12:04 p.m

The Athens stock exchange has significantly widened its losses, which is now losing all 800 points and heading towards the lows of the year with typical ease, under the weight of most of its securities.

In particular, the General Index recorded a drop of 1.36% to 794.57 units, while the turnover is at 16 million euros and the volume at 6.2 million pieces. Losses of 1.57% were recorded by the FTSE 25, at 1,897.84 points, while the banking index fell by 2.87% at 473.42 points.

It may have tried to find the supports for the higher levels, but in the end the AXA cannot reverse the bearish scenario which has been in effect since the end of April. In fact, it is slowly but steadily slipping to the lowest levels since the beginning of the year, at which it was at the beginning of March. According to the certified analyst Petros Steriotis, various factors inhibiting the rise must be included in the AXA equation, such as the electoral risk, the Greek-Turkish issues, the risk of fragmentation of the bond markets of the South, etc. Thus, the situation for Athens Avenue remains difficult.

In the long-suffering banking index, it is characteristic that 3 of the 4 systemic banks trade below 1 euro. Nevertheless, there are shares of household companies on the ASE, regardless of the fact that they do not enjoy high popularity. The counter-argument that they don’t trade a lot of “pieces” should not be the sole criterion for avoiding them from retail codes.

From a diagrammatic perspective, the General Index’s 788 points (15-month low) may be the next “stronghold” for buyers, with resistance at 845 points (3-week high). Of course, in the near term, institutional portfolio managers will continue to be conspicuous by their absence ahead of the summer holidays, with all that implies for the already low trading activity on Athens Avenue.

On the dashboard

On the board now, Eurobank, Mytileneos and GEK Terna are recording losses of more than 3%, while Alpha Bank and Ethniki are moving more than -2%. Above 1% is the drop in ELHA, PPC, EYDAP, Motor Oil, PPA, Terna Energy and Piraeus.

Coca Cola, Titan, OPAP, Lambda, Viochalco, OTE and Jumbo are slightly down, while Aegean, Ellactor and ADMIE have no change. On the contrary, Hellenic Petroleum, Quest and Sarantis are in positive territory, but without moving above +1%.