Banks’ fluctuation of an 80-unit margin is indicative of today’s volatility. However, the Greek market wasn’t tempted by a general
profit taking stance, as Greek bond spreads narrowed at 750 basis points.
The total turnover exceeded EUR200mn for a second consecutive session, of which EUR150mn were channeled into the banking sector. Eurobank and Alpha Bank topped FTSE20 again, PPC followed.
Market analysts expect increased volatility to remain, while a “relief” of last weeks’ accumulated profits is possible. They also note that the market’s sentiment is directly related to the course of the bond market, focusing on the upcoming European Summit on Friday.
"Volume was robust because we again had short covering, some profit taking as well as fast money looking for quick gains entering the bourse," John Kalantzis, head of analysis at Eurobank EFG Equities, told Dow Jones Newswires.
"Perception has changed as investors consider EU leaders have the political will to solve debt problems so there has been an unwinding of periphery risk and banks benefited most. However, some caution should remain because we don’t know how market friendly the Greek debt solution will be," he added.
Across the board, the General Index is at 1664.06 units, posting marginal profit o 0.03%. Approximately 107.74mn units worth EUR224.4mn were traded on Wednesday, while a total amount of 75 shares rose, 102 declined and 107 remained unchanged.
Banks had been soaring by 4% just after session’s opening, but finally ended with marginal losses of 0.06% at 1,495 units. Proton Bank’s stood out, while Eurobank and Alpha Bank climbed by 3.38% and 2.95% respectively. ATEbank and National Bank gained 1.27% and 0.13% respectively, while Piraeus Bank, Hellenic Postbank and Bank of Cyprus declined by 3.98%, 3.24% and 1.78% respectively.
Across FTSE20, apart from banks, PPC gained 2.77%, Titan and OTE rose by 1.95% and 1.76%, while Motor Oil and Hellenic Petroleum recorded profits of 0.87% and 0.14% respectively. Ellaktor fell by 3.71%, while Mytilineos and Viohalco declined by 1.82% and 1.1% respectively.
source: capital
