With a banking boost of + 1.5% of the Stock Exchange in the first week of 2022

The “awakening” of the banking shares may not have caused an upward burst on the Athens Stock Exchange, but it managed to keep the general index above 905 points, in a meeting in which the trading activity improved.

In particular, the general index closed with gains of 0.09% at 906.48 points, while today it moved between 901.86 points (-0.42%) and 908.40 points (+ 0.30%). The turnover amounted to 71.8 million euros and the volume to 33.1 million units, while 8 million units were traded through pre-agreed transactions.

The index of high capitalization closed with an increase of 0.21%, at 2,181.19 points, while at + 0.15% Mid Cap completed the transactions at 1,514.38 points. The banking index closed with gains of 2.45% at 596.08 points.

On a weekly basis, the general index closed with gains of 1.47%, while the FTSE 25 strengthened by 1.50%. The rise in the banking index reached 3.67%.

Finally introversion?

The banking sector today gave the signal that the introversion of the previous period was probably over and was activated, approaching the zone of 600 units after November 23, 2021. It also helped the overall index hold 905 points, but also absorbed the pressures it received intra-conference, even if it did so with several packages that raised more than 13 million euros in turnover.

So, the message given by the ATHEX today is that it has some internal defenses in the external turmoil. Of course, this is not the rule, as the sensitivity of Athens Avenue to external pressures is well known, but gradually the Greek market will have to show that it can move… on its own. The conditions for better stock levels are there, as the market operates in a highly developing environment, but the uncertainties surrounding the pandemic have maintained the caution of many buyers.

The role of the ECB

The focus, however, was today on the possible reaction of the European Central Bank to the new data on inflation (5% in December 2021) and what will be decided on the ECB protection net that Greece is in due to the securities market program due to the pandemic. If this program, PEPP, disappears then the Greek bonds will be in free market conditions, with the most probable scenario being that of a deterioration of their image. Of course, although the head of the ECB, C. Lagarde, has confirmed that she will not leave vulnerable countries, such as Greece, unprotected, the historically high December inflation in the Eurozone (5%) may narrow the ECB’s monetary flexibility. .

Thus, until the ECB clarifies its position on this front, caution is likely to remain for Greek assets, which are clearly vulnerable to any external turmoil, but also the emergence of obstacles to internal recovery. It is also affected by the ever-deteriorating epidemiological picture of the community, as it can at any time impose restrictive measures on economic activity.

Dashboard

On the board now, Ethniki closed with gains of 3.43%, with Alpha Bank and Eurobank following with gains of 2.52% and 2.40% respectively. Hellenic Petroleum closed at + 1%, while EYDAP, Piraeus, Sarantis, Aegean, Motor Oil, PPA and Lambda moved slightly higher.

On the other hand, the pressures came from -2.15% of Jumbo, but also the more than 1% losses in OTE, Viohalko, ELHA and IPTO. OPAP, Terna Energy, Coca Cola, PPC, GEK Terna, Quest and Ellaktor closed slightly lower. Mytilineos closed without change.