Greek stocks move higher on Tuesday after 8.1% losses during the last six sessions. Turnover remains modest while the banking Index outperforms, gaining as much as 2.8%.
“Some further slide cannot be ruled out for the ASE in the mid-term while a technical reaction is possible following last week’s drop” says Kyprou Securities in its morning report.
“Potential surprises on major bank and other large cap results could affect the ASE’s short term course. International issues such as the turmoil in Northern Africa and decisions in EU-level about the ESFS should actually determine ASE’s course. We expect that the ASE will be volatile in May on the back of major decisions to be made on EU level that would significantly affect the Greek State debt” Kyprou Sec. adds.
“Yesterday’s finish significantly ameliorated the market’s outlook, as the GI came back from an abrupt intraday correction of 2.5% on increased trading volume and with the equities of the banking sector being in the spotlight. In this context, we remain positive as to a start towards the 1,595 units, which consist today’s 1st resistance level, with the Index’s course thereinafter being determined by bidside interest. Should buyers’ gradually fade away, however, we expect the Index to retreat towards today’s pivot point at 1,570” Pegasus Securities comments in its morning report.
The General Index gains 1.36% at 1,598.34. Total volume stands at 14.87 mln shares while turnover shapes at 52.62 mln euro.
Across the board 96 stocks move higher, 58 post loss and 30 remain unchanged.
“Some further slide cannot be ruled out for the ASE in the mid-term while a technical reaction is possible following last week’s drop” says Kyprou Securities in its morning report.
“Potential surprises on major bank and other large cap results could affect the ASE’s short term course. International issues such as the turmoil in Northern Africa and decisions in EU-level about the ESFS should actually determine ASE’s course. We expect that the ASE will be volatile in May on the back of major decisions to be made on EU level that would significantly affect the Greek State debt” Kyprou Sec. adds.
“Yesterday’s finish significantly ameliorated the market’s outlook, as the GI came back from an abrupt intraday correction of 2.5% on increased trading volume and with the equities of the banking sector being in the spotlight. In this context, we remain positive as to a start towards the 1,595 units, which consist today’s 1st resistance level, with the Index’s course thereinafter being determined by bidside interest. Should buyers’ gradually fade away, however, we expect the Index to retreat towards today’s pivot point at 1,570” Pegasus Securities comments in its morning report.
The General Index gains 1.36% at 1,598.34. Total volume stands at 14.87 mln shares while turnover shapes at 52.62 mln euro.
Across the board 96 stocks move higher, 58 post loss and 30 remain unchanged.
