Athens Stock Exchange: Expected correction may turn violent

The correction in the Greek stock market may have been expected by the vast majority of domestic investors, but today’s plunge has unpleasantly surprised many residents of Athens Avenue. The general index recorded losses of 2.55% at 1,236.32 points, with the turnover at 70 million euros.

Prevailing mood

The correction of the market, which followed a steady upward path after the May 21 election, was expected, however, many sellers are choosing to liquidate some of their positions today, raising reasonable questions about the direction of the market. It was something that has been touched on in the previous days as well, as the general index already saw outperformance (9-year highs in the General) and even individually many stocks made unimaginable moves.

Nevertheless, for now the outlook of the domestic market has not changed. The investment preference has been confirmed many times, and just on the idea that we will enter after 13 years in the big salons of the investment grade, the Stock Exchange has seen outperformance. A correction will not change this outlook, as as Alpha Bank points out, there will be profit taking, but the market will maintain its upward trend in the medium to long term.

On the board

At the level of securities, strong losses of more than 4% were recorded by Motor Oil, Alpha Bank, Piraeus Bank, ELHA, Aegean and Ellactor, while the decline was also significant in PPC, Eurobank, Biohalko, National Bank, Terna Energy, Sarantis, Lambda, Jumbo and Autohellas. OPAP, GEK Terna, EYDAP, Hellenic Petroleum, Quest, Mytileneos, Cenergy, Coca Cola, OTE and Titan are also in negative territory.