The Stock Market was ‘scared’ of 840 units

It may have tried, but in the end the Athens Stock Exchange failed to close above 840 units, although it had on its side the strong rise of both Eurobank and PPC, but also the absence of many sellers.

In particular, the General Index closed with an increase of 0.56% at 839.52 points, while today it moved between 842.19 points (+0.88%) and 835.92 points (+0.13%). The turnover stood at 42.53 million euros and the volume at 22.14 million pieces, while 1.19 million pieces were traded through pre-agreed transactions.

The high capitalization index closed with a rise of 0.61%, at 2,022.64 points, while the Mid Cap ended trading at +0.18% at 1,360.74 points. The banking index closed with an increase of 1.17% to 514.01 points.

In the penultimate session of the month, the ASE tried to further expand the gains of July and “place” in the critical zone of 840 – 850 units. And if one excludes the bad start of the month, certainly the closing is particularly positive. It is characteristic that since July 6, the General Index has recorded only four bearish sessions and 11 bullish sessions. Of course, the negative protagonist was the turnover, which was fixed below half of the level it had in the first ten days of the month.

Seasonality aside, the turnover issue has a double reading in the market. On the one hand it is considered a problem as the ASE remains on the sidelines of investment interest, but on the other hand it is considered to have protected the market from the turbulence of the previous period. In any case, it is an image that is not going to change soon, as it happens every year in August.

Of course, the trading tone may improve on a case-by-case basis at the securities level depending on the results of the listed companies, which have so far left a positive tone on the market. Both Mytileneos and Titan’s results were higher than estimates, confirming what many analysts have pointed out in the past, that the managements of most listed companies have managed very effectively the difficult international environment.

At the same time, the ASE is now waiting for the results of the big banks in the next few days, which should be announced by the first week of August. And according to estimates, they are expected to move within the positive forecasts that had been made since the beginning of the year.

On the dashboard

On the board now, Sarantis and PPC recorded gains of 3.18% and 3.09% respectively, with Eurobank, Piraeus and GEK Terna following with a rise that exceeded 2%. ADMIE, EYDAP and Terna Energieaki posted gains above 1%, while Mytilineos, ELHA, Titan, Coca Cola, OPAP and OTE closed slightly higher.

On the other hand, Ellactor lost 2.41%, with Lambda and Jumbo following with -1.48% and -1.85% respectively. Viohalco, Hellenic Petroleum, Alpha bank, Quest and Aegean closed slightly lower, while PPA, Motor Oil and Ethniki closed unchanged.