Banks also ended in negative territory on Tuesday, after a fluctuation into a margin of 31 points of 2.61%, while total turnover remained disappointingly thin as it didn’t exceed €80m.
Market analysts comment that the domestic market is “trapped” in Greek economy’s problems, regarding the insufficiency of revenues and spending cuts that finally led to another revision of state deficit in 2010.
As they note, this allows hearsay to determine the markets course, while April 15 is considered a landmark date, when Greek government is expected to announce its privatization package.
Analysts also add that the Athens Stock Exchange remains largely abstracted from foreign markets, which are expected to focus on the Q1 2011 results of U.S. public listed companies. New year highs shouldn’t be ruled out, if estimates are confirmed.
Merit Securities noted that market’s continued failure to find a solid support level would cause further concern about relapse into new year lows. It added that the next support level are placed at 1,480 and 1,450 units, while only the break of 1,550 units could presage an upward reaction.
"That European markets are down doesn΄t help, while there is also a general mood of pessimism about Greece that lingers," a research director told Dow Jones Newswires. "There is a feeling that Greece won΄t be able to fix its finances."
Across the board, the General Index ended at 1,489.46 units, down 0.20%, after a fluctuation into a margin of 22 units or 1.45%. Approximately 20.7 million units worth €79.9m were traded on Tuesday, while a total amount of 82 shares declined, 68 rose and 133 remained unchanged.
Banks recorded small losses of 0.14%, at 1,193.54 units, with the profits of Bank of Cyprus (3.28%) standing out. Marfin Popular Bank, Attica Bank and Hellenic Postbank followed with gains of 1.18%, 1.03% and 0.64% respectively. Alpha Bank, Proton and ATEbank remained unchanged, while Geniki Bank and Piraeus Bank fell by 2.92% and 2.29% respectively. National Bank and Eurobank declined by 1.00% and 0.98% respectively.
source: CAPITAL
