The stock market succumbed to bond pressure

The Athens Stock Exchange closed lower, which in the margins of the pressures it received from the worries about the increase of the borrowing costs, failed to keep the levels of 940 points, reducing the safety distance from its critical technical supports.

In particular, the General Index closed with losses of 0.73% at 938.09 points, while it moved between 938.09 points (-0.73%) and 947.31 points (+ 0.24%). The turnover amounted to 81.6 million euros and the volume to 33 million units, while 8.9 million units were traded through pre-agreed transactions.

The high capitalization index closed with losses of 0.68%, at 2,280.48 points, while at -0.84% ​​Mid Cap completed the trading at 1,566.91 points. The banking index closed with losses of 0.21% at 693.51 points.

Trading activity on the Stock Exchange increased mainly through packages. In fact, the fact that the 27.5 million euros were traded through pre-agreed transactions in the share of Ethniki, ie 0.83% of the share capital of the bank, caused a sensation. The four packages had a volume of 7.6 million pieces in total, at prices between 3.60 and 3.65 euros.

Although the stock market started today in positive territory, the climate worsened when the pressures on the bonds began to appear, with the yield of the Greek ten-year rising sharply to the level of 2.30%, affecting the borrowing costs of the listed companies. And this development is in stark contrast to the estimates of foreign analysts, who insist on the strong prospects of the Greek economy, as today the Scope house. According to the house, the yield on the Greek 10-year bond may have exceeded 2% due to the conclusions of the ECB meeting, but it remains at a moderate level in relation to history.

Technical… equation

Technically, however, the market shows the following paradox: The General Index moves away from 949 points, while the banking index is above 686 points, giving a dual message. After all, the General Index must close above 949 points, in order to maintain the next close target of 964 points. However, such a thing, no matter how close it may seem, is not present, and in any case as long as the international climate remains… against taking risks in more regional markets.

Also, the rise last week increased the distance from the turning point of the 30-day moving average, with the main support remaining at 910 points and the sideways trend line approaching 900 points. Increasing the average daily transactions to 90 million euros is one of the technical requirements for an upward escape and a change in the accumulation scenario.

On the other hand, as long as the banking sector is above 686 points, which is support, the trend is aggressive, with 706 points being near resistance, before the big target of 740 points. And according to Fast Finance, the oscillator has already made a significant correction without at the same time having a significant reduction in prices. And that shows the power of buyers.

On the board

On the board now, PPC and Ellactor closed with losses of 2.99% and 2.29% respectively, with Motor Oil, Biochalko, Piraeus, Saranti, Lambda, Coca Cola, Ethniki, Aegean and IPTO following with a drop that exceeded 1%.

Mytilineos, GEK Terna, Jumbo, PPA, Quest, ELHA, EYDAP, OTE, Alpha Bank, OPAP and Titan closed slightly lower, while Terna Energy, Hellenic Petroleum and Eurobank closed slightly higher.