The General Index of Athens Stock Exchanges moves towards new lows with thin turnover, following the downgrade of Greece credit ratings by
S&P.
The market is focusing on both the auction of Greek treasury bills by the Public Debt Management Agency and the extraordinary meeting of the Eurogroup.
Banks posted early losses of 1.8%, while Viohalco, Coca Cola Hellenic and Eurobank top FTSE20. National Bank moves between profits and losses, while Ellaktor and ATEbank are under pressure.
“Yesterday΄s late-in-the-day S&P downgrade of Greece by 3 notches effectively cancels positive news coming from today΄s extraordinary Eurogroup/Ecofin Summit, as background talks bring ECB and EU Member-States close to be finalising the country΄s 2nd bailout package”, said Pegasus Securities in its morning report.
“Counterbalancing forces are expected to weigh heavily on the market΄s course, increasing its volatility, with pressure asserted on banking equities continuing to be significant”, it added.
Across the board, the General Index is at 1,254.9 units, with marginal profits of 0.20%, recovering from early losses of 1.13%. The turnover stands at €31m, while a total amount of 24 shares rise, 51 decline and 23 remain unchanged.
Banks also move minor profits of 0.26%, at 939.92 units. Eurobank gains 0.66%, while Alpha Bank rises by 0.32%.
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