Recent nervousness was well reflected on the board of the Athens Exchange, as the General Index dissipated intraday profits of 1.8%, ending in negative territory after strong fluctuations. Banks suffered severe pressures, posting losses of 2.2%.
The trading opened nervously, with sign changes, then the General Index moved sharply upwards to 1,300 units, before retreating again.
Meanwhile, Hellenic Postbank and T Bank announced the initiation of a merger, with the proposed exchange ratio being 50 T Bank shares for one Hellenic Postbank share.
Late Tuesday, the Greek government won an anticipated vote of confidence. Despite all 155 ruling party deputies voted yes, Greek PM George Papandreou still has to ensure the approval of the medium-term program next week, while a very crucial European Union Summit meets on Thursday in Brussels.
The domestic market welcomes the vote of confidence with optimism, however it is considered well-anticipated, Nikos Chryssochoidis, CEO at N. Chryssochoidis Securities, told Capital.gr. “Now the focus in on the adoption of the Medium-Term Fiscal Program on June 28”, he added.
According to Nikos Chryssochoidis, the market reaction is rational, but estimates that nervousness will reign in the coming days, due to the debate on the medium-term program, and because short-term investors may want to consolidate profits.
“It’s hard to foresee a steady upward trend since even the passing of the program, which is expected to provide a psychological boost, a conclusive solution for the Greek debt is not expected soon”, he stated, adding that the course of state revenues and reforms remains to be seen.
On the board, the General Index closed at 1,271.43 units, with minor losses of 0.32%, after several sign changes. Approximately 27.5 million units worth €83.3m were traded on Wednesday, while a total amount of 81 shares rose, 59 retreated and 140 remained unchanged.
Banks fell by 2.26% at 961.38 units. Alpha Bank suffered the heaviest pressures, with losses of 4.03%, while Hellenic Postbank and Eurobank declined by 3.45% and 3.35% respectively.
Coca Cola 3E topped FTSE20 with profits of 5.56%, while Ellaktor and Titan gained 1.32% and 0.12% respectively.
CAPITAL
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