Greek banks dropped by 70 units, right after the adoption of the Medium-Term Fiscal Strategy, trimming profits of 6% and ending just above session’s low.
The General Index recorded marginal profits, despite intraday gains of 3.27%, while Public Power Corp topped FTSE20 with profits of 3.33%.
Athens Exchange focused exclusively on the vote for the Medium-Term Program, as it turned into a political thriller recently. The market had anticipated the adoption of the critical legislation, which was welcomed by European officials. This development paves the way for next aid tranche and the approval of a new support program, President of the European Council Herman Van Rompuy and President of the European Commission Jose Manuel Barroso said in a joint statement.
Market analysts comment that the attention is now turned to the passing of the Implementation Act tomorrow and the extraordinary Eurogroup meeting to be held in the weekend. High volatility is expected to maintain on the Greek board, until European processes lead to more concrete decisions on Greece.
Regarding today’s market reaction and the sharp decline after the adoption of the austerity measures, analysts note that the market that the final “yes” had been already priced, while it couldn’t reverse the short-term trend.
On the board, the General Index recorded profits of 0.48%, at 1,264.85 units. Approximately 40.66 million units worth €126.74 million, while a total amount of 93 shares rose, 43 declined and 144 remained unchanged.
Banks declined by 0.97% at 965.27 units, after fluctuated into a margin of 7.09% or 69.1 units. Only Attica Bank, Proton Bank and Alpha Bank ended in green, while National Bank suffered the heaviest pressures.
PPC topped FTSE20 with profits of 3.33% at €9.61, OTE and Mytilineos gained 1.64% and 1.50% at €6.18 and €4.73 respectively. On the other hand, National Bank fell by 1.84% at €4.81, while ATEBank and Marfin Popular Bank declined by 1.59%.
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