Friday, April 15, 2011

ASE: Greek Bank Fell By 8.3% For Week

Despite an encouraging opening for the Athens Exchange on Friday,
the General Index reversed to losses in a session that came a cropper.

Greek Prime Minister’s speech seemed to disappoint the market, leading to a sharp deterioration of the intraday trend, while banks were forced to dissipate early profits of 2.2%. 

Market’s attempts to regain the positive sign failed, while a Finance Ministry statement regarding the Medium Term Financial Strategy Framework remained in the epicentre.

Meanwhile, speculation and hearsay about the fate of Greek debt continued, with the German Deputy Foreign Minister declaring that his country would support a voluntary restructuring. This statement triggered the further widening of 10-year Greek bond spreads to new record levels of 1040 basis points. 

Market analysts comment that the market’s failure to rebound is due to the postponement of more detailed announcements by the Finance Ministry for the period after Easter, while no positive catalyst is expected in the near future. In this context, high volatility will remain in the market, with the risk on the downside, according to analysts. 

“The market΄s short-term momentum remains purely negative, as witnessed through the pressure asserted all across the Athens board, with banking equities being in the epicentre of ask-side interest, following the return of the spread of GGBs on historically high levels”, said Pegasus Securities in its morning report.

Across the board, the General Index ended at 1,469.03 units, with losses of 1.26%, after a fluctuation into a margin of 44 points or 2.99%, while it has recorded cumulative losses of 4.06% for week. Approximately 30.41 million units worth €106.14m were traded on Friday, with a total amount of 93 shares declining, 52 rising and 137 remaining unchanged. 

Banks retreated by 1.67%, at 1,150.13 units, with Hellenic Postbank under heavy pressure (-5.86%). Attica Bank and Eurobank fell by 4.26$ and 3.79% respectively, while Alpha Bank and Piraeus Bank declined by 3.04% and 2.34% respectively.

Across FTSE20, OTE and Titan rose by 1.55% and 1.32% respectively, while Jumbo, Hellenic Petroleum and Motor Oil recorded profits of 1,00%, 0.83% and 0.66% respectively. On the other hand, Public Power Corporation retreated by 1.82%.









source: CAPITAL