Banks post mixed signs, moving in a margin of 3.5% or 50 points, while MIG tops
FTSE20 profits, gaining up to 8.24%.
The continuing negotiations between Greek government and the EU/IMF/ECB officials remain in the spotlight, ahead of the press conference given today at 15:00, local time.
The focus is also on the results announcement of Turkish Finansbank, National Bank’s subsidiary , whose net profit in 2010 amounted to 22.9mn Turkish liras (USD578.8mn) compared with 553.9mn liras in 2009, while loans increased by 35%.
Pegasus Securities attributes yesterday’s sharp correction and high volatility partly to a reasonable profit-taking practice, but mainly to the hesitation demonstrated by European Union to proceed with a final resolution on the fiscal debt crisis, with Greece being obviously in the epicenter of investors΄ concerns.
“We expect the market to close on the positive end of its open, meaning that an early opening reaction towards the 1,650 units (today΄s pivot point) would render us positive as to increasing our portfolio liquidity”, according to Pegasus’s morning report.
Kyprou Securities comments that yesterday’s drop could possibly continue today.
“Delays in any progress regarding EFSF talks in the EU hurt investors’ sentiment. We would consider some further index drop as normal for the local stock market and we do not alter our mid-term & long-term positive view on the ASE”, says Kyprou.
Across the board, the General Index is at 1611.34 units, down 1.27% in a turnover of EUR52mn. A total amount of 35 shares rise, 55 decline and 35 remain unchanged.
Banks are at 1409.76, down 1.19%. Bank of Cyprus, Marfin Popular Bank fall by 2.15% and 1.8% respectively, while Alpha Bank and National Bank decline by 1.78% and 1.35% respectively. On the contrary, Piraeus Bank and Eurobank post gains of 0.64% and 0.23% respectively.
source: CAPITAL
