The board of the Athens Stock Exchange reflects the market’s major concern, as the trading activity began with an enthusiastic upward reaction, with profits of 2.83% and 5.60% for the General Index and the banks, following four consecutive sessions and Greek government’s announcement to speed up privatizations.
Hellenic Postbank was on the leading role, with intraday profits of 15.66%. while the upward trends pushed the rest of the banking shares, as the sale of state participation in Hellenic Postbank is interpreted as the trigger for the long-awaited and much-talked consolidation in the banking sector.
Despite the reaction triggered by the government’s announcement in securities directly involved with the privatization program, the market is concerned by the new tax measures and their impact on domestic demand, according to analysts. The concern is intensified by the fact that a large amount of measures should be specified or even extended in the near future.
They also note that a part of concern is attributed to the political developments and whether the country will be able to meet the international lenders’ expectations for a national consensus. Market analysts also add that the market retreated from earlier gains after Greece΄s main opposition party rejected the government΄s latest austerity and privatization package.
Hellenic Postbank was on the leading role, with intraday profits of 15.66%. while the upward trends pushed the rest of the banking shares, as the sale of state participation in Hellenic Postbank is interpreted as the trigger for the long-awaited and much-talked consolidation in the banking sector.
Despite the reaction triggered by the government’s announcement in securities directly involved with the privatization program, the market is concerned by the new tax measures and their impact on domestic demand, according to analysts. The concern is intensified by the fact that a large amount of measures should be specified or even extended in the near future.
They also note that a part of concern is attributed to the political developments and whether the country will be able to meet the international lenders’ expectations for a national consensus. Market analysts also add that the market retreated from earlier gains after Greece΄s main opposition party rejected the government΄s latest austerity and privatization package.
"The statement by [opposition leader Antonis] Samaras saying he would not support the measures hit the market," a local analyst told Dow Jones Newswires. "But we also saw some late profit-taking, the same pattern as in the previous few sessions, which also dampened the earlier rally."
Given the prolonged period of weakness and negative sentiment, volatility is expected to dominate the market in the coming sessions.
Across the board, the General Index ended with marginal profits of 0.13%, at 1,281.72 units, moving in positive territory throughout the trading session. Approximately asdfa million units worth €78.88 million were traded on Tuesday, while a total amount of 71 shares rose, 59 declined and 52 remained unchanged.
Banks moved upwards by 0.91%, at 946.07 units. Hellenic Postbank gained 4.98%, while Bank of Cyprus and ATEbank rose by 3.33% and 2.08% respectively. Eurobank and National Bank posted profits of 1.26% and 0.66% respectively.
On the other hand, Alpha Bank declined by 1.80%, while Marfin Popular and Piraeus Bank remained unchanged.
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