Trading in a narrow range on the Stock Exchange

of Alexandra Tombra

The Athens stock exchange finally closed with small gains today, as it managed to absorb the morning pressures and find supports to keep above 800 units.

In particular, the general index closed with a rise of 0.23% at 806.11 points, while today it moved between 806.42 points (+0.27%) and 797.90 points (-0.79%). The turnover amounted to 36.20 million euros and the volume to 15.24 million pieces, while 1.02 million pieces were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 0.24%, at 1,922.20 points, while the Mid Cap ended trading at -0.02% at 1,326.40 points. The banking index closed up 0.64% at 462.50 points.

Once again the market cannot pick up trading rates and overcome the sideways movement it is in. Of course, today it managed to reverse the morning’s negative sign and close positive, but this does not mean that it has changed the trend of the fluctuation within a narrow range.

Since the beginning of July the ASE has spent most of its movement between 790 – 800 points, with few exceptions of a few points. And this movement is not expected to change, at least until Thursday, when the decision of the European Central Bank on interest rates will be known.

And in this context, i.e. the expected changes in the interest rate policy of the European Central Bank, Fitch reported today that the Greek banks together with the Cypriot ones will have the least positive impact on the region from the ECB interest rate hikes. Also, Fitch estimates that they will put a stop to plans to exit the markets due to the jump in credit spreads.

However, the market cannot be unaffected by international developments regarding energy efficiency, monetary policy and inflationary pressures, at a time when the country’s economy is performing much better than many other European economies. And as this stock market source comments on Capital.gr, it is difficult to cut off the Greek market from such a negative international environment.

“If one considers that the Greek economy will remain unscathed in the extremely negative scenario of Europe running out of natural gas, then one should reassess the situation,” the stock market source told Capital.gr, stressing that Greece’s economy may has acquired a dynamic, but this does not mean that the armored.

From this point of view, the fixation of the market at the lows of the year can be explained, without being able to show any signs of recovery until now. A safety “cushion” can be considered the Recovery fund, but in any case the blow still cannot be safely estimated, with this uncertainty affecting the market negatively.

On the dashboard

On the board now, OTE and Biohalco recorded losses of 1.51% and 1% respectively, with Lambda, Hellenic Petroleum, Saranti, Ethniki, OPAP, ELHA, Aegean, Piraeus, PPA, Quest, Titan, Alpha Bank, Coca Cola and Ellaktor to follow with a slight decline.

On the other hand, Motor Oil and Terna Energy jumped 3.30% and 3.09% respectively, with Eurobank closing at +2.62%. Above 1% was the rise in GEK Terna and ADMIE, while Jumbo, PPC, Mytileneos and EYDAP closed slightly higher.