The stock market stands for correction

The Athens Stock Exchange is moving steadily in negative territory today, which is under the strong pressure of the index-weighted Coca Cola, while continuing the correction in most of its titles.

In particular, the General Index recorded losses of 0.76% at 892.13 points, while the turnover is at 25.4 million euros and the volume at 12.3 million pieces. The FTSE 25 also recorded a fall of 0.87%, at 2,158.21 points, while the banking index lost 0.52% at 592.01 points.

With domestic analysts stressing that visibility on the Russian-Ukrainian war front remains clouded, Coca Cola’s stock is at the center of pressure, dragging the market into negative territory. So the bet of the test of 900 units is put on ice, until there is more clarity on the other big front that opens from today.

The big front is none other than that of politics, as from today the political world will obviously move to the pace of the investigation on the question of wiretapping, while the leaks about the package of government decisions that will be announced at the TIF will intensify. In the coming days, therefore, the market will try to diagnose the “damage” that the wiretapping case has done to the government, but also how close the country is to early elections.

In addition to the above, the market will test the strength of the recent rally, with the banking index also giving its exams, since from the lows of last July it has recorded an increase of +34% and is targeting the psychological limit of 600 units. If it manages to break through it, it will face the resistance point of 622 points where it can at any moment open the door to the area of ​​680 to 700 points or another +20% from the present price levels. In the short term, however, a healthy pullback towards 560 to 550 units may be preferable.

On the dashboard

On the board now, Coca Cola is losing 2.34%, with OPAP, Titan, Ethniki, Biohalco, Saranti, PPC and Jumbo following with losses exceeding 1%. Lambda, Eurobank, Quest, PPA, Mytileneos, OTE, Aegean, ELHA, Hellenic Petroleum and EYDAP are slightly down.

On the contrary, Terna Energy gains 1.34%, with ADMIE, Motor Oil, Alpha Bank, Ellactor and Piraeus following with a small increase. GEK Terna remains unchanged.