Athens Stocks attempts to maintain its upward momentum on Wednesday, however on thin turnover, following yesterday’s rise.
Greek banks had been posting early profits of 2.5%, while Viohalco and ATEbank top FTSE20, with gains of more than 4%.
With the negative mixture of news dominating recently the Athens Exchange, focusing on scenarios for a possible restructuring of Greek debt, the domestic market continues to move without any catalyst, according to analysts.
Any upward reaction is viewed with caution, as it is triggered by depressed valuations, while the following sessions are unlikely to provide any significant differentiation.
Pegasus Securities expects the General Index to move in positive territories today, “with the market trading in the 1,435-1,465 units, which consist the GI΄s intraday pivot point and 2nd resistance levels respectively.”
Yesterday’s rise may indicating the gradual ease of pressures asserted on banking equities, meaning that the market will most probably cool off for the time being, according to Pegasus.
However, it does not overlook that nothing has changed in terms of market fundamentals, which remain extremely unconstructive.
Across the board, the General Index is at 1,447.52, up 0.71%, moving in positive territory from the opening of the trading session, while intraday profits reached 1.66% earlier. Turnover stands at €24m, while a total amount of 65 shares rise, 28 decline and 37 remain unchanged.
Banks are up 0.82%, at 1,106.59 units. ATEbank and Alpha Bank gain 2.08% and 1.79% respectively, while Eurobank and Hellenic Postbank rise by 1.63% and 1.39% respectively.
source: capital
