rebound on Wednesday, putting an end to a seven-session downward streak. The General Index, which ended close to session’s highs, recovered from intraday losses of 1.40%.
Banks fluctuated intensively, as the banking index recorded intraday profits of 4.17% after a weak opening with losses of 2.45%. Seven banks fluctuated into a margin of more than 9%.
Market analysts appear cautious on ASE for the next few days, considering today’s response as technical, stimulated mainly by the accumulated losses of previous sessions.
They also point out that the negative sentiment caused by the new revision of state’s deficit for 2010 was burden by the hearsay and scenarios about a possible restructuring of Greek debt.
Moreover, analysts express their concern about the continuing low trading activity, which leaves the market exposed to pressures and strong fluctuations.
"Recent talk about Greece΄s higher deficit and debt restructuring has really hurt the climate on the market," an analyst told Dow Jones Newswires, adding that index could test year lows if it breaks through support at 1520.
Across the board, the General Index ended at 1,528 units, up 2.63%, after a fluctuation of 60.5 units, of 4.06%. Approximately 38.76 million units worth €115.38m were traded on Wednesday, while a total amount of 95 shares rose, 61 declined and 51 remained unchanged.
Banks recorded profits of 3.71%, at 1,237.86. Piraeus Bank soared by 7.03%, while Alpha Bank and Hellenic Postbank gained 5.52% and 5.40% respectively. Geniki Bank and Eurobank posted profits of 4.51% and 4.19% respectively, while National Bank and Proton Bank gained 3.54% and 3.03% respectively. On the contrary, ATEbank suffered heavy losses of 8.96%, after the announcement of a proposed capital increase.
source: capital
