Athens Stock Exchange: Οver 1,200 units with intensity

The recovery of the Athens Stock Exchange continues with great intensity, which “conquers” all 1,200 units, now causing even the most skeptical of the movement to rethink the markets for fear of a continuation of the… rise.

In particular, the General Index registers gains of 2.65% at 1,206.94 units, while the turnover is at 54.8 million euros and the volume at 12.6 million pieces. An increase of 2.60% was recorded by the FTSE 25, at 2,950.44 points, while the banking index gained 2.95% at 956.78 points.

Analysts are divided

The market seems to be convincing even the most skeptical of its move, although analysts are still divided on what the next day of the three-day rally will be. Ilias Zacharakis of Fast Finance, finds that portfolios that are driven by emotion or fear and that were forced to sell, the market will put them back into higher levels. After all, several funds are waiting for S&P or Moody’s to enter the market, with the entry expected to be long-term.

On the other hand, Petros Steriotis, CEO of portfolio manager Cypriot Investment Fund, believes that although the upward reaction of the last meetings from the low of 5 months is welcome, he does not consider it reliable. A strong “bounce of the dead cat,” he describes it, using stock market slang. Key will be the multi-day stay (or not) of the general index above 1,140-1,160 units, an area considered a “battle fortress”, as this is where the long-term, two-hundred exponential moving average lies.

According to Mr. Steriotis, whatever we say (for and against) about the trend and counter-trend of ATHEX, the international (and consequently also the Greek) investment environment is affected by developments in the Middle East, Oil, the high volatility of bond yields and the feeling that Central Banks have “slightly lost”. As far as the geopolitical turmoil in the wider area of the eastern Mediterranean is concerned, the Markets have so far reacted coolly, which shows that in the Stock Exchanges, sometimes negative news is perceived as a reason to rise and tumble, he concludes.

On the board

On the board now, Ellactor jumps 6.77%, with Biohalco, Lambda and Hellenic Petroleum following with gains of over 5%. Above 4% is the rise in Mytileneos, Cenergy and Aegean and above 3% in Alpha Bank, Quest, Terna Energy, Motor Oil, National Bank, GEK Terna and ELHA.

Eurobank, Piraeus, Titan and PPC also recorded a strong increase of over 2% and EYDAP, Sarantis, OPAP, Autohellas and OTE over 1%. Jumbo and Coca Cola lag behind the market with gains of just… 0.8%.