their losses on Friday, while the General Index failed to hold 1,600 units, but maintained a positive sign for week.
The General Index’s decline on Friday was just the fourth one during March, while Pegasus Securities comments that this was one of the most nervous weeks of the year.
The Athens Stock Exchange moved fluctuating within very wide margin that reflects both the fragile state of market sentiment and the high adaptability to news flow that affected heavily the foreign markets, said Pegasus.
Until now, the results do not provide any support for valuations, as they appear close to the estimated range, while conference calls disclose a sense of cautiousness rather than optimism.
Although it is too early to reach a general conclusion, as only 15% of the listed companies have published their financial results, there is a shrink of 59% in corporate profits. The decline is expected to be bigger, as the most profitable and durable companies have already announced results, Pegasus added.
Note that Metka, Mytilineos, S&B, Alpha Bank, National Bank and Piraeus Bank are scheduled to announce results next week, while the European Summit late March is expected to draw investors’ attention again. The Greek government’s privatization program, which was requested by the European Union as a prerequisite for lower interest rates, will be at the centre of attention.
Across the board, the General Index ended at 1593.78 units, a session’s low, down 1.65%. Approximately 33.55 million units worth €139.5mn were traded on Friday, while a total amount of 95 shares declined, 56 rose and 132 remained unchanged.
Banks ended at 1,385.49 units, down 1.29%, after a fluctuation within a margin of 3.01%. Only Proton Bank and Alpha Bank moved upwards, with gains of 1.16% and 0.38%, while Piraeus Bank and Attica Bank remained unchanged.
On the other hand, Geniki Bank, ATEBank and National Bank fell by 4.65%, 2.47% and 2.29% respectively, while Bank of Cyprus, Hellenic Postbank, Eurobank and Marfin Popular Bank declined by 1.46%, 1.33%, 1.18% and 1.06% respectively.
source: CAPITAL
