With a 2% jump, the Stock Exchange responded to the 6-day falling streak

The Athens Stock Exchange closed today with a significant jump, reestablishing contact with the critical levels of 800 units, although the breakdown of which will require significant forces that will be able to reverse the downward channel the market has been in since the end of April.

In particular, the General Index closed with a rise of 2.06% to 795.24 points, while today it moved between 782.76 points (+0.46%) and 798.55 points (+2.48%). The turnover amounted to 75 million euros and the volume to 44.6 million pieces, while 4 million pieces were traded through pre-agreed transactions.

The high capitalization index closed with a rise of 2.29%, at 1,900.10 points, while the Mid Cap ended trading at +3.43% and at 1,301.61 points. The banking index closed with an increase of 4.26% to 465.97 points.

Strong push from banks

Important was the boost received by the market from the banking sector, which after the pressures of the last weeks today managed to make a strong jump. The banking index took a gain of 20 points and moved away from yesterday’s low of 443 points, but of course it is well away from the 700 points it was on April 21st.

However, beyond today’s comforting reaction, the General Index must recover critical levels that will help it stop the downward spiral it has been in. But in order to achieve this it will in any case need to rise above 800 units, with the next target being 850 units. Also, the banking index must in any case recover the 500 points and give the signal of recovery after a month and a half of continuous decline.

The question therefore is whether the market has seen its lows, or if today’s decline is a “break” in the reduction in risk that has eaten away at valuations. As several analysts report, the uncertainty is so great that any assessment risks being immediately refuted. That is why they recommend moves that have a longer horizon, so that many portfolios can secure positions that will pay off significantly over time.

On the dashboard

On the board now, Ethniki, Biohalco and Hellenic Petroleum closed with a jump of 8%, with ELHA finishing at +6.61% and Mytileneos and Jumbo at +5.39% and +5.48% respectively. Aegean closed at +4.89%, while Eurobank, Titan and Terna Energy rose by more than 3%.

Profits in Sarantis, EYDAP and ADMIE exceeded 2%, while those of Alpha Bank, OTE, PPC, Quest, OPAP and GEK Terna exceeded 1%. PPA recorded a small increase, while Ellactor, Lambda and Piraeus closed slightly down. Coca Cola lost 1.39% and Motor Oil closed at -5.43%.